…says his firms lost N30bn profit to Apapa gridlock
 
Business mogul and Africa’s richest man, Alhaji Aliko Dangote, yesterday gave a poignant verdict on efforts by successive governments to transform the nation’s economy, saying that Nigeria’s economy is not working.

This is as even as he said Nigeria’s economic diversification programme has been largely sluggish and elusive, warning that the risks are huge if Nigeria fails to fast-track the diversification of her economy.
Dangote spoke Wednesday at the ongoing Roundtable parley with the CBN Governor, Mr. Godwin Emefiele, with the theme “Going for Growth 2.0.”

The business mogul said: “My heart bled when I read that Nigerian Customs collected N1.35trn import duties last year. It means the economy isn’t working. If the economy is working, the Customs shouldn’t collect that much money, it is the Federal Inland Revenue Service (FIRS) that should.”

The President of the Dangote Group, who expressed concern over the impact of the current drop in international oil prices, said the time to diversify is now as Nigeria is already runny late.


He identified agriculture and manufacturing sectors as the hub round which the nation’s economic diversification should be hinged to achieve the goal of sustainable national development.
Dangote clarified:  “We can diversify the economy through agriculture and manufacturing. Manufacturing creates a lot of jobs, creates middle class and transforms families. These are the areas we need to focus on. But how do you diversify into manufacturing and make it an inclusive growth? You need to do more of backward integration or import substitution.
“Our economy is great because we have a local market. The economy of Asia is focused on exports. But we have a domestic market with our about 200 million population apart from the ECOWAS market.
“Our import last year was almost $47bn. It is not sustainable. We cannot have 200 million people, growing at an average 2.7 percent and we are importing most of the things we consume”, the industrialist said.
According to him, “we need to be more serious so we don’t keep talking about diversification. It has been very elusive. I don’t know why. It is possible but people are not focusing on” he said.
Noting that Nigeria has significant advantages in manufacturing, the Africa’s richest man advised that talks during the Roundtable should generate workable solutions to the nation’s industrial challenges.
Dangote also lamented that the poor facilities leading to the seaports remained economic drain as it continued to impacting cost of doing businesses, adding that the government should look into the cost of doing business in view of the implications for investments and the nation’s GDP.
He said: “Government lost so much money last year in the traffic logjams of Apapa. Our three companies lost N30bn in profit. Which also means government will collect less tax from us. So, we need to look at infrastructure, we need to look at power because without power there won’t be growth. That is what will propel MSMEs to grow and be everywhere and spur manufacturing” he said.
“It’s not impossible to diversify. We need low interest rate, we have achieved to some extent, we need long term funds and we need CBN support to access forex for the import of machineries” he noted.
He used the opportunity to speak on some of his investments that would have significant impact on Nigeria’s forex.
He said because of his investments in cement production, “Nigeria by this year will be the highest exporter of cement in Africa. We are building 10 rice factories which by this year we will produce one million tons of rice” he said.
On petroleum, he said once his petrochemical plant starts producing this year, Nigeria will be largest exporter of petroleum products in Africa.
He also said, for the first time, Nigeria will be the largest exporter of fertilisers in sub-Saharan Africa, linking the feat to backward integration policy of his group.

https://www.dailytrust.com.ng/nigerias-economy-is-not-working-dangote.html

Few weeks ago, they mention that Nigerian economy is better than that of south Africa...

Dangote is a iPod yoot according to APC zombies they'll blame everyone apart from the Daura dûllard and his bunch of incompetent buffoons for tanking the economy..

Bunch of okpors

- The taste for everything foreign is even going to get worse due to social media.

We once wore bata, basket sandals etc, then gradually went to Nikee, Abibas, etc.. Now we are on balenciaga, gucci, Versace, LV etc...

That is more dollars leaving an economy that produces nothing, and this cuts across different industries.

- Now developed nations have so made means of doing business just an app away, America or china no longer needs to situate a plant here when it can get its FX from you in your living room and ship directly. And your oil which is the only commodity they purchase that balances all our insatiable desires is fast dwindling.

Think Nigeria... think.

When you have a lifeless in the herm of affairs.

Nigeria don't even have an economy

Auto pilot affairs

I won't say a word

Well your brother in Aso rock has an ear infection

It means the economy isn’t working.

Only poverty is working in Nigeria ...

According to zombies,na iPod cause am. They will always find a way not to lay d blame on their stupid idiot in Aso rock.

The country needs to take care of the basics first and they lay a foundation for economy buoyancy that will build space crafts in the future.

Tidy up the streets, roads, shelter, food, provide safe drinking water and electricity, then you can talk of GDP or recession.

Dangote is IPOB according
to ZOMBIES

IPOB at work

If only some of you read the actual report.

I pity rich and powerful people at this time. They are losing, sleep, money and their health

The fear of God has returned, which is a good thing.

A flyover to divert traffic is a simple solution

jlinkd78:
IPOB at work

yes oh, Aliko Dangote the Ipob yoot according to zombies

Yankee101:
I pity rich and powerful people at this time. They are losing, sleep, money and their health

The fear of God has returned, which is a good thing.

A flyover to divert traffic is a simple solution

rich people have long ago divested their wealth from this shít hole country decimated by the Daura dûllard, what they keep here now is maintenance and running around money. Dollar is 420 now