Sanwo-Olu Highlights Public Sector Struggles Amid High Interest Rates 

Governor Babajide Sanwo-Olu of Lagos State has voiced concerns over the challenging economic environment, particularly citing the burden of high interest rates on the public sector.

Speaking at the launch of “The Power of One Man,” a book authored by Dr Ray Echebiri on former Central Bank of Nigeria Governor, Professor Chukwuma Soludo, and the 2004 banking sector consolidation, Sanwo-Olu expressed apprehension about the current economic conditions.

“With the benchmark interest rate at 26.25 per cent, it is tough for the public sector at this time, and we don’t know how we will survive this interest rate regime,” Governor Sanwo-Olu remarked.

The governor’s remarks reflect broader concerns echoed by figures such as Aliko Dangote, President of the Dangote Group, who criticized the Central Bank of Nigeria’s decision to raise interest rates to nearly 30 per cent.

Dangote emphasized the need for policies that protect domestic industries, fostering their growth into strong national entities capable of creating jobs and enhancing prosperity amidst global economic challenges.