Dangote discloses how Nigeria's economy can be turned around

• The Chairman of the Dangote Group, Aliko Dangote, has said that Nigeria’s economy can be transformed in a few months
• Dangote disclosed this during the inauguration of the Presidential Economic Council (PECC)
• Dangote said the private sector will support the Nigerian government by investing in job creation

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment, and the economy for over a decade.

The Chairman of Dangote Industries Limited, Aliko Dangote, says Nigeria’s economic challenges can be turned around in a few months

Dangote spoke to journalists in Abuja after the Presidential Economic Council (PECC) inauguration on Thursday, July 4, 2024.

Chairman of the Dangote Industries, Aliko Dangote describes Nigeria's issues as surmountable Credit: Bloomberg/Contributor
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Dangote sends a message of hope to Nigerians

He disclosed that Nigeria’s economic issues are not so bad, stating that its economy can be turned around in a few months and is already out of the challenges.

Dangote said:

“What I keep saying is that our issues are not that bad, this economy can be turned around within a few months and I think we are on that way.”

Africa’s richest man also promised that the private sector would support the government by investing in jobs for Nigerians.

According to Dangote, the government does not create jobs but provides the needed environment by making the right policies.

He cited interventions in the gas sector, such as the OB3 project, which he said will generate about $2 billion in revenue for Nigeria, Punch reports.

Tinubu promises to inject N2 trillion into the economy

Reports say that President Bola Tinubu promised to inject about N2 trillion into the economy to stimulate growth and economic activities and revive Nigeria’s ailing economy.

The PECC was established in March and is chaired by the president. It includes vital government officials such as the vice president, the senate president, and the chairman of the governors’ forum.

Nigerian billionaires such as Aliko Dangote, Tony Elumelu, and Economist Bismarck Rewane will serve on the council for 12 months.

Dangote slams high Nigeria’s high interest rates

Dangote had decried the high interest in Nigeria, saying it would scare investors away from the country.

He disclosed that no real and meaningful economic growth will happen when the country has enormous interest rates.

He also exhorted the government to safeguard the nation's existing companies, particularly manufacturers, by creating an atmosphere that fosters their success. 

He claims that a nation dependent on imports is the same as one that imports poverty. 

“No Power, no prosperity. No affordable financing, no growth, no development,” he explained. 

Dangote stated that the manufacturing sector needs to be given the tools it needs to operate at its best so that the government can address the issues of unemployment, poverty, and insecurity.

Tinubu launches economic team to drive N2trn package

Legit.ng earlier reported that the Presidential Economic Coordination Council (PECC), which is tasked with devising a plan of action to escape the nation's current economic predicament, was officially launched by President Bola Tinubu on Thursday, July 4.

Channels TV reported that the members of the Council comprise a blend of public servants, prominent figures from the private sector, and consultants.

Notable figures include Aliko Dangote, President of Dangote Industries Limited; Tony Elumelu, Chairman of the United Bank of Africa; and Bismarck Rewane, Chief Executive Officer of the Financial Derivatives Company Limited.

Source: Legit.ng