During a conference organized by the Manufacturers Association of Nigeria, the speaker highlighted the fact that the existing interest rates are a major obstacle to job creation and expansion in the manufacturing sector, posing a significant challenge for Nigerian manufacturers to stay competitive.
He emphasized the need for new policies to safeguard local industries, stressing that “No one can generate employment with a 30% interest rate. There will be no growth.”
He urged the government to support the country’s existing businesses, particularly manufacturers, by creating a conducive environment for their success.
He further emphasized the need for African nations to prioritize protecting their domestic industries. He suggested that excessive reliance on imports can lead to economic decline and job losses. By importing goods from other countries, Africa is essentially “importing poverty” and “exporting jobs,” thereby hindering its own development and prosperity
