Former presidential candidate of the Labour Party (LP), Peter Obi, has said that Aliko Dangote’s recent outcry against the current interest rate of 30 per cent highlights his earlier concerns about the negative effects of the monetary policy of the present Federal Government.
Obis said this in a series of tweets posted on his X handle saying, if Dangote, the richest person in Africa can complain, then imagine the negative impacts of these policies on MSMEs, who are the engine of economic growth.
Recall that in February 2024, Obi had argued against the decision of the Monetary Policy Committee to increase the Monetary Policy Rate (MPR) and the Cash Reserve Ratio (CRR) to 22.5% and 45%, respectively.
He says it would further worsen the economic situation, as the increases would push interest rates on loans to above 30%, which, according to him, would make it very difficult for manufacturers and MSMEs to borrow and repay.
Blaze Fm