Low oil price not doom, says Dangote

Africa’s richest man and Nigeria’s front line businessman, Aliko Dangote, has said the lower prices of crude oil on the global market is not synonymous with doom, especially for Nigeria’s economy.

While speaking at the 11th edition of the Nigeria Summit hosted by the Economist magazine in Lagos yesterday, Dangote said crises can be used to galvanise a new of opportunities that will grow the economy.

Against the backdrop of rising inflation, Dangote said the price of cement in Nigeria is “the cheapest in the continent.”

He further contended that the Nigerian economy would grow if the government were consistent in its policies while also highlighting lack of capacity as the bane of Nigerians exporting their products.

“The issue with Nigerian exports is capacity. Most Nigerian companies are not geared up for exporting,” he said.

Dangote also emphasised that improved local production capacity and self-sufficiency would help grow the naira.

“The way to manage the exchange rate is to be self-sufficient and export materials,” he said.

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