Dangote Speaks On One Major Thing Killing Nigeria’s Economy, Gives Solution

Aliko Dangote, President of the Dangote Group, has stated that one of the things killing Nigeria’s industries and the economy is the abnormal power supply.

Dangote further added that the availability of consumer credit facility is an important option if corruption is to be fought.

This Dangote said this yesterday in Lagos at a consultative roundtable titled, “Going for Growth” with some economic stakeholders.

He asked that consumer credit products should be developed by Central Bank of Nigeria (CBN) and commercial banks in order to encourage low-income earners to engage in loan taking.

Dangote further listed a lack of policy implementation as the biggest challenge in the country.

“How do you have economic growth without power? No power; no growth because without power there can’t be growth. “Egypt increased its electricity by 10 gigawatts, which is equivalent to 10,000 megawatts in 18 months.

“In Nigeria, we have been struggling for 18 years without adding 1,000 megawatts and we have spent about three times above Egypt, why?

“So, I think we all need to be concerned about that.”

Dangote said import substitution for foreign exchange accumulation through proceeds from exports should be promoted in the country.

He called for a public-private partnership to boost the non-oil sector of the economy and added that Nigerians should invest in the development of the non-oil sector which had been left in the hands of foreigners.

“Government need to encourage non-oil sector growth rather than depending on proceeds from crude oil to pay salaries.

“Proceeds from crude oil sale should be for major investment in the country,” he added.

He urged the federal government to improve more on the power sector, saying, “No business will thrive with business owners generating powers themselves.”