Aliko Dangote warns on the biggest
mistake a businessman can make
Media men had a piece of Aliko Dangote
last weekend. And when they were done
many appreciated why he is one of the
richest in the world. In an interactive
session with senior editors Dangote
discussed state of the nation while
explaining some details in his businesses
that are geared towards a better life for
Nigerians.
His tremendous knowledge in many areas
awed the audience. But what moved them
most was his patriotism. He called on
Nigerians to invest at home and create
jobs. “Five to 10 people can make Nigeria
a great economy,” he said. And what with
the power situation in Nigeria? “We’ll not
have meaningful development until we
sort out power problems in the country,”
he tells government.
Dangote spoke from his heart. Here’s
Africa’s richest man who doesn’t own a
house abroad. His is about how to make
Nigeria a better place. And, again, his
humility thawed many especially those
meeting him for the first time.
Below are just a few of the things he said
on the night, his own words as captured by
ONOCHIE ANIBEZE
On oil subsidy
The issue with subsidy is that government
needs to block all loopholes. If there’s no
subsidy, it will affect our foreign exchange,
we’ll end up buying a dollar at N500,
because there’s no VAT on petroleum
products. That’s why the import of
petroleum products is taking about 30% of
our foreign reserve. We just need to make
sure that there’s no siphoning of money.
The refining business requires volume. If
you don’t have a massive volume, there’s
no way you’ll make money. Most of the
refineries in Africa are running at a big
loss. It’s not possible for government
officials to successfully manage oil
businesses. It’s good enough if they
remove the subsidy, but you can check
with neighbouring countries like Senegal. If
a poor person in Senegal can afford to pay
subsidy, why can’t a poor person in
Nigeria afford to pay. I think there must be
something for the masses, which should
be in terms of power, social insurance,
good education system, good roads etc.
Do you believe in what Dangote said about oil subsidy?

INTROVERT:

Already hit fp love

Some people would believe this because its Dangote who said this....

Ok

An incomplete and half-hearted analysis, IMHO.

ok