Aliko Dangote says Nigeria’s economy is not working

Aliko Dangote says Nigeria’s economy is not working

- Africa’s richest man, Aliko Dangote, recently gave a verdict on efforts by the federal government to transform Nigeria’s economy

- Dangote is of the opinion that the economy of Africa's most populous country is not working

- The business mogul expressed concern over economic diversification programme of the country

Africa’s richest man, Alhaji Aliko Dangote, on Wednesday, March 11, revealed that Nigeria’s economy is not working as he gave a painful verdict on efforts by governments to transform the nation’s economy.

Speaking at the roundtable parley with the CBN Governor, Godwin Emefiele, with the theme “Going for Growth 2.0, the business mogul said Nigeria’s economic diversification programme has been largely sluggish and elusive, Daily Trust reports.

Dangote also warned that the risks are huge if Nigeria fails to fast-track the diversification of her economy. He 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.”

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Not only did he warn about the risks, he also expressed concern about how the drop in the price of international oil would be affected.

According to the business tycoon now is the time Nigeria should diversify as the country can hinge sustainable development on agriculture and manufacturing sectors.

Nigeria’s economy is not working – Dangote
Business mogul and Africa's richest man, Aliko Dangote
Source: Getty Images

Dangote while lamenting about the poor facilities that have lead to economic drain advised that the country needs to be more serious as we don't talk about diversification.

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Legit.ng previously reported that former minister of state for education, Olorogun Kenneth Gbagi, has urged the federal government of Nigeria to take concerted steps to bring back Dr Ngozi Okonjo-Iweala to serve the country.

Gbagi made the suggestion in a statement sent to journalists on Tuesday, March 10, while reacting to the appointment of Okonjo-Iweala as a member of the South African Presidential Economic Advisory Council.

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In a related development, Dangote became $4.3 billion richer in 2019 following investments in cement, flour and sugar. Bloomberg reports that Dangote, who is reputed as Africa’s richest man, climbed to a net worth of almost $15 billion in 2019.

With the current rise of his fortune, the businessman became the 96th wealthiest man in the world, according to the Bloomberg Billionaires Index.

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Source: Legit.ng

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