Africa's richest man, Aliko Dangote, has expressed his disapproval of the Central Bank of Nigeria's (CBN) high interest rate, stating that it's a significant hindrance to job creation and economic growth.

The business magnate made his sentiments known during a recent interview, emphasizing that the current interest rate of 30% is unsustainable and unfavorable for businesses.

Dangote's stance on the matter is rooted in the understanding that high interest rates lead to increased borrowing costs, which can stifle business expansion and job creation.

He believes that a more reasonable interest rate would encourage entrepreneurs to invest in their businesses, leading to economic growth and job opportunities.

The billionaire entrepreneur's comments come at a time when Nigeria is grappling with high unemployment rates and slow economic growth.

The country's interest rate has remained high despite efforts by the CBN to reduce it.

Dangote's criticism of the CBN's monetary policy has sparked a debate about the role of interest rates in economic development.

While some experts argue that high interest rates are necessary to combat inflation and stabilize the economy, others agree with Dangote that a more moderate approach is needed to stimulate growth.

The Nigerian government has been urged to strike a balance between controlling inflation and promoting economic expansion.

Dangote's stance on the issue is significant, given his vast business interests and contributions to Nigeria's economy.

His words carry weight, and his criticism of the CBN's policy has sparked a much-needed conversation about the country's economic direction.

As Nigeria navigates its economic challenges, it remains to be seen whether the CBN will reconsider its interest rate policy to foster growth and job creation.