Aliko Dangote, Chairman of the Dangote Group, expressed optimism about the potential for a swift turnaround in the Nigerian economy.
Speaking to State House Correspondents after President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC), Dangote emphasized the importance of collaboration between the public and private sectors.
“Our economy can be turned around in a few months. Things will soon change. We will work to make sure that things change for the better,” Dangote stated.
He highlighted that the private sector would advise the government on necessary policies to revamp the economy.
Dangote’s comments followed his criticism of the Central Bank of Nigeria’s (CBN) decision to hike interest rates to nearly 30 percent. At a summit organized by the Manufacturers Association of Nigeria (MAN) in Abuja, he stressed the need for policies that protect domestic industries.
“Nobody can create jobs with an interest rate of 30%. No growth will happen,” Dangote said.
He urged the government to support existing businesses, especially manufacturers, by providing a conducive environment for them to thrive.
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He elaborated on the consequences of import dependence, saying, “Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity.”
Dangote emphasized that industrialization is crucial for sustainable economic growth and development.
“Manufacturing remains a key driver in a nation’s quest for economic development and self-sufficiency,” he noted.
He criticized the belief that protecting domestic industries makes a country uncompetitive, calling it “pure fiction.”
“You cannot be competitive until you protect and support your own industry,” he argued.
Concluding his remarks, Dangote said, “Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector. We must rethink our industrialization policy and enact policies to protect our domestic industries, nurturing them into homegrown champions that will create the jobs and prosperity we desperately need.”