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Dangote opposition to 30 per cent interest rate proves me right – Peter Obi
Former Labour Party (LP) presidential candidate, Mr. Peter Obi, has stated that Aliko Dangote’s recent criticism of the current 30 percent interest rate highlights his previous concerns about the detrimental effects of the Federal Government’s monetary policy.
Obi had opposed the Monetary Policy Committee’s decision to raise the Monetary Policy Rate (MPR) and the Cash Reserve Ratio (CRR) to 22.5% and 45%, respectively. He argued that these increases would exacerbate the economic situation, pushing loan interest rates above 30%, thus making it very difficult for manufacturers and MSMEs to borrow and repay.
In a statement on Thursday via his X handle, Obi noted that Aliko Dangote, Africa’s leading entrepreneur and respected Nigerian businessman, emphasized that no jobs would be created with such a high interest rate, aligning with Obi’s longstanding position.
The former Anambra State governor stressed the urgent need to reverse this detrimental trend, which is causing further job losses, discouraging production, and hindering Nigeria’s shift from consumption to production.
Obi said: “Aliko Dangote’s recent outcry against the 30% interest rate underscores my earlier warnings about the negative impacts of the current monetary policy. Dangote’s assertion that such high interest rates stifle job creation and economic growth echoes my consistent stance.
“In February, I opposed the Monetary Policy Committee’s decision to increase the MPR to 22.5% and the CRR to 45%, as these hikes would push loan interest rates above 30%, making it very challenging for manufacturers and MSMEs to secure and repay loans.
“If Africa’s richest person and foremost industrialist is raising concerns, imagine the adverse effects on MSMEs, which are the engine of economic growth.
“A recent report from the Manufacturing Association of Nigeria (MAN) indicated that in 2023, 767 companies shut down and 335 became distressed. Capacity utilization in the sector declined to 56%; interest rates exceeded 30%; foreign exchange for raw materials and production machines was scarce; unsold finished products inventory rose to N350 billion; and real growth rate dropped to 2.4%.
“These harsh monetary and fiscal policies have slowed our economic growth, driven multinationals out of the country, stifled small businesses, and discouraged foreign direct investment.
“We must urgently reverse this harmful trend that is causing job losses, discouraging production, and hindering our transition from consumption to production. We need policies that promote growth and the emergence of a new Nigeria. A New Nigeria is Possible.”
The Federal Government has announced the closure of the Eko Bridge and Ramps for eight weeks to carry out essential asphalt resurfacing work.
Mrs. Olukorede Kesha, the Federal Controller of Works in Lagos, shared this information in a statement on Saturday. She noted that the resurfacing project is set to begin on Friday, September 20, at 7:00 a.m., and will continue until November 20.
Due to the closure, drivers will need to follow detours and alternative routes. Kesha advised that motorists traveling to the Island from Funsho Williams Avenue should utilize the service lane at Alaka to connect to Costain and access the Eko Bridge.
She explained that some sections of the bridge will be fully closed while others will have partial access.
“This important project aims to enhance road safety and improve the driving experience for motorists,” she stated. The work will involve milling the existing asphalt and laying down new asphalt on both the bridge and ramps to address wear and tear and create a smoother, safer roadway.
Osun State Governor, Ademola Adeleke, has appointed Akinwale Sarafadeen Adeyemi as the new Chairman of the Governing Council for Osun State College of Education in Ila-Orangun.
The announcement was made in a statement on Friday by Governor Adeleke’s spokesperson, Olawale Rasheed. The statement described Adeyemi as an experienced educationist and noted that he will succeed Peter Babalola, the former chairman, who was dismissed by the state government earlier this month.
Babalola, who was also a member of the Peoples Democratic Party (PDP) in the state, faced suspension from his local ward in Irewole due to public criticism over alleged financial misconduct before his removal.
The statement highlighted, “Governor Ademola Adeleke has approved the appointment of Mr. Akinwale Sarafa Adeyemi, a seasoned educationist, as the new Chairman of the Governing Council of Osun State College of Education, Ila-Orangun. Mr. Adeyemi replaces Dr. Peter Babalola, who resigned following a controversial term at the college.”
Adeyemi holds both a bachelor’s and a master’s degree in Education from the University of Ibadan and is a retired principal of the Federal Girls College in Ipetumodu. His swearing-in ceremony is scheduled for 10 a.m. on Monday at the EXCO lounge.
The police have reported that their operatives apprehended political thugs and seized firearms during overnight operations in Edo State, where the governorship election is taking place today, Saturday.
They also vowed to address illegal weapons possession and prevent any disruptions to the electoral process in the state.
Prince Olumuyiwa Adejobi, the Force Public Relations Officer, shared this information in a statement on Friday night, along with images of the recovered firearms.
He identified the arrested individuals as Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member from Ugbogbo quarters in Igara Akoko, Edo.
“The Nigeria Police Force has made a significant breakthrough in combating electoral violence in Edo State with the arrests of Edwin Obanor, 43, and Audu Tajudeen, a 41-year-old PDP member,” the statement noted.
According to DAILY POST, residents of Edo State will be voting for a new governor today, September 21, 2024, who will succeed Governor Godwin Obaseki after his eight-year term ends.
Nigerian Govt shuts Eko Bridge, ramps for 8-week repairs
Gov Adeleke appoints new Governing Council Chairman for Osun College of Education
Edo Decides: Police arrest armed political thugs ahead of election
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