Why Nigeria’s economy cannot grow – Billionaire Dangote

The President of the Dangote Group, Aliko Dangote, says the availability of consumer credit facility is an important option in fighting corruption in the country.

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

He said that the Central Bank of Nigeria (CBN) and commercial banks should develop consumer credit products to encourage low-income earners to engage in loan taking.

He also identified a lack of policy implementation as the biggest challenge in the country.

“How do you have economic growth without power? So, 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.”

Mr Dangote advised that the country needed to promote import substitution for foreign exchange accumulation through proceeds from exports.

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.

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