Dangote, also said the problem with Nigeria should not be blamed on oil, noting that oil traded at $9 per barrel in 1998.
The business mogul, who spoke at The Nigeria Summit hosted by The Economist, said his company is expected to generate 12,000 megawatts of electricity for Nigeria by 2018.
“We are looking at a situation that by 2020 we are the one selling foreign exchange to CBN. Our projects are mainly import substitution. We are working to be self-sufficient to grow about a million tonnes of rice over the next five years,” he said.
“Our gas project would have our gas pipelines on the sea bed. The output should be able to provide about 12,000MW power. We see a lot of transformation when we are done with most of our projects by 2018.
“We have 15 countries in the ECOWAS community that is duty-free. Export market is big and profitable if you have capacity. Players in the manufacturing should be encouraged to export if they have the capacity. We must also meet local consumption.”
He called on the leaders of the economy not to forget diversification of the economy even when oil bounces back to the $80 region.
