Billionaire businessman guarantees that Nigeria's economy will bounce back

folarin okunola

July 8, 2016 1:04 PM

He said the nation's over-dependence on oil is responsible for the detriment of other sectors

Founder and Chief Executive of the Dangote Group Aliko Dangote.

Billionaire businessman and President of the Dangote Group, AlikoDangote, believes that there will be light at the end of the economically dark tunnel that Nigeria is currently in.

Dangote was speaking at a chat with members of a business group who paid him a visit during the Eid-El-Fitri celebrations when he stated that the country's present situation was a direct result of years of over-dependence on oil revenue. He said the nation's over-dependence on oil is responsible for the detriment of other sectors and the crash in oil price on the international market didn't help matters.

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However, Dangote said he believes that the nation will come out strongly from the economic woes it currently finds itself. “It will take time, but surely better life will come. We just have to be patient and do our own bit because government alone cannot do it,” said Africa's richest man.

According to a report in Leadership Online, Dangote believes that the current trend in the international oil market highlights a great opportunity for the government to diversify the economy and leverage on the potential of the agricultural sector.

Finally, Dangote stated that he intends to create over 200,000 new jobs via his investments in agriculture between now and 2018. The Dangote Group has also commenced the production of rice in Jigawa State.

folarin okunola