Peter Obi, former Governor of Anambra State and presidential candidate in Nigeria’s 2023 election, has reiterated his criticism of the federal government’s monetary policy, citing recent comments by Africa’s richest man, Aliko Dangote.
Obi pointed to Dangote’s outcry against the current 30% interest rate, emphasizing that it aligns with his own warnings from February about the negative effects of the government’s monetary approach.
“Africa’s Foremost Entrepreneur and Respected Nigerian Businessman, Aliko Dangote’s recent outcry against the current interest rate of 30%, underscores my earlier cry in February on the negative effects of the monetary policy of the present Federal Government,” Obi stated.
“If Dangote, the richest person in Africa and foremost industrialist, can complain, then imagine the negative impacts of these policies on MSMEs who are the engine of economic growth.”
The former governor highlighted recent statistics from the Manufacturing Association of Nigeria (MAN), revealing that in 2023, 767 companies shut down and 335 became distressed.
He noted that capacity utilization in the manufacturing sector has declined to 56%, with unsold finished products inventory increasing to N350 billion.
Obi argued that the harsh economic policies, both monetary and fiscal, have slowed economic growth, driven multinationals out of the country, stifled small businesses, and discouraged foreign direct investment. He warned of further job losses and hindered production if the current trend continues.
“We must urgently reverse this ugly trend,” Obi insisted, calling for policies that can lead to growth and “the birth of a new Nigeria.” He emphasized the need to shift the economy from consumption to production.
As Nigeria grapples with economic challenges, Obi’s comments add to the growing chorus of voices, including prominent business leaders, calling for a reassessment of the country’s economic strategies.
