Nigerian economy will take better shape in few months – Dangote

Aliko Dangote, Chairman and Chief Executive of the Dangote Group, conveyed his optimism about the Nigerian economy’s for rapid transformation.

Following the inauguration of the Presidential Economic Coordination Council (PECC) by President Bola Ahmed Tinubu, the business mogul addressed State House correspondents recently, stressing the significance of public and private sector collaboration in revitalizing the country’s economy.

The renowned industrialist, assures that the private sector would offer guidance to the government on necessary policies for economy recovery.

Dangote stated, “This is where the public and private sector will work together, we will advise the government on the type of policies needed to revamp the economy. Our economy can be used to turned around in few months. They will soon change, we will work to make sure that things change for better”

Dangote’s comments came after he criticized the Central Bank of Nigeria (CBN), for raising the interest rate to nearly 30%.

During the opening address at a three-day summit organised by Manufacturers Association of Nigeria (MAN) at the Presidential Villa in Abuja, Dangote called for new policies to protect domestic industries.

He highlighted the importance of the Federal Government creating a condusive environment for the growth and success of the existing businesses, particularly manufacturers.

Dangote noted, “Nobody can create jobs with an interest rate of 30%. No growth will happen. We must look to leading countries in the West and East who are actively protecting their domestic industries. Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity.

Similarly, no affordable financing, no growth, no prosperity. There is no industrialisation without protection.

Ignoring these facts is what gives rise to insecurity, banditry, kidnapping, and abject poverty”.

Dangote emphasized that industrialization is essential for sustainable and inclusive economic growth, as well as human development.

He argued that manufacturing plays a crucial and pivotal role in a country’s efforts to attain economic progress and self reliance.

“It is evident that the strength of a country’s manufacturing sector determines its capacity to compete in global trade, of which 70% is in manufactured goods. I am aware that Bretton Woods institutions have confused some of our economists about the word ‘protection’ to the extent that some of them think it is blasphemy – a word that should not be uttered in good company. But did China, Korea, India, and several Asian countries emerge as strong economies and a threat to the existing World economic order?

“We often told that protecting your industries makes your country uncompetitive! This is pure fiction. It is quite the reverse. I say you cannot be competitive until you protect and support your own industry. Let me therefore conclude by reiterating that Nigeria has all it takes to develop and sustain a global competitive manufacturing sector. But to do so, we must rethink our industrialization policy. We must look to leading countries in the West and East who are actively protecting their domestic industries. We must similarly enact policies to protect our domestic industries and nurture them into home grown champions that will creat the jobs and prosperity we desperately need”, Dangote concluded.

-9 News Nigeria.

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