Peter Obi Criticizes Government’s Monetary Policy, Backed by Dangote’s Concerns
Peter Obi, former presidential candidate of the Labour Party (LP), has echoed concerns raised by billionaire businessman Aliko Dangote about the adverse effects of the Federal Government’s monetary policies.
Dangote recently criticized the Central Bank of Nigeria (CBN) for its significant interest rate hike, approaching nearly 30 percent, arguing that such high rates impede economic growth.
Obi weighed in on the issue, emphasizing the urgent need to reverse this trend. He expressed via his social media platform on Thursday that such policies hinder Nigeria’s transition from consumption to production, leading to job losses.
Obi highlighted Dangote’s remarks as validating his earlier warnings about the negative impacts of current monetary policies. He cited his February stance against the Monetary Policy Committee’s decision to increase the MPR and CRR, predicting that these moves would exacerbate economic challenges, especially for manufacturers and MSMEs.
Citing the Manufacturing Association of Nigeria’s recent report, Obi pointed out alarming statistics: 767 companies closed in 2023, with many others facing financial distress. He underscored the decline in sectoral capacity utilization and the scarcity of foreign exchange for raw materials.
Concluding, Obi emphasized the need for a policy reversal to stimulate growth, attract foreign investment, and foster a conducive environment for Nigerian businesses.
He reiterated, “A New Nigeria is Possible.”
