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Dangote Predicts What May Happen To Nigerian Economy In Few Months

Chairman and Chief Executive of the Dangote Group, Aliko Dangote, has expressed optimism that the Nigerian economy has the potential to be transformed within a short period.

Speaking to State House Correspondents on Thursday following the inauguration of the Presidential Economic Coordination Council (PECC) by President Bola Tinubu, Dangote emphasized the importance of collaboration between the public and private sectors in revitalizing the country’s economy.

The renowned industrialist assured that the private sector would offer guidance to the government regarding the necessary policies for economic recovery.

Dangote said: “This is where the public and private sector will work together. We will advise the government on the type of policies needed to revamp the economy.

“Our economy can be turned around in few months. Things will soon change. We will work to make sure that things change for the better.”

Naija News reports that Dangote’s latest remarks come after he faulted the hike of interest rate to almost 30 per cent by the Central Bank of Nigeria (CBN).

Dangote had, in his opening address at the Banquet Hall of the Presidential Villa in Abuja at the commencement of a three-day summit organised by the Manufacturers Association of Nigeria (MAN), called for new policies that would protect domestic industries.

He emphasized the importance of the federal government safeguarding the country’s existing businesses, particularly manufacturers, by creating a conducive environment for their growth and success.

“Nobody can create jobs with an interest rate of 30%. No growth will happen. We must look to leading countries in the West and the East who are actively protecting their domestic industries.

“Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity. There is no industrialisation without protection. Ignoring these facts is what gives rise to insecurity, banditry, kidnapping and abject poverty”, Dangote stated.

Industrialization has been emphasized by Dangote as an essential path towards achieving sustainable and inclusive economic growth as well as human development.

He believes that manufacturing plays a crucial role in a country’s efforts to attain economic progress and self-reliance.

“It is evident that the strength of a country’s manufacturing sector determines its capacity to compete in global trade, of which 70% is in manufactured goods.

“I am aware that the Bretton Woods Institutions have confused some of our economists about the word ‘protection’ to the extent that some of them think it is blasphemy – a word that should not be uttered in good company. But how did China, Korea, India and several other Asian countries emerge as strong economies and a threat to the existing world economic order?

“We are often told that protecting your industries makes your country uncompetitive! This is pure fiction. It is quite the reverse. I say you cannot be competitive until you protect and support your own industry.

“Let me therefore conclude by reiterating that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector. But to do so, we must rethink our industrialisation policy. We must look to leading countries in the West and the East who are actively protecting their domestic industries.

“We must similarly enact policies to protect our domestic industries and nurture them into homegrown champions that will create the jobs and prosperity we desperately need”, Dangote concluded.

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