The President, Dangote Group, Aliko Dangote, has said the Federal Government requires up to $20 billion in fresh funds to revive the economy from recession.
According to him, efforts should be intensified at restoring investors’ confidence to attract the needed funds. He is hopeful that the nation will come out of recession in the first quarter of 2017 if the government could get its priorities right and implement the right policies.
Dangote stressed the need for government to address foreign exchange challenges if it wants private sector operators to increase their stakes in the diversification agenda. According to him, diversification from oil cannot be achieved if there is little or no foreign exchange available for private sector operators.
“We are already discussing with the Central Bank of Nigeria (CBN) to kick-start this project. We believe we can do a lot to bridge the importation gap by developing local production of this product because we have the competitive and comparative advantages.”
Dangote who expressed optimism that the country would get out of the current precarious state, however, argued that this could only be achieved if the right support would be given to the Organised Private Sector (OPS) through adequate foreign exchange supply, infrastructural development as well as consistent and favourable economic policies.
“Nigeria has what it takes to be great again. I believe so much in the Nigerian economy and if the right things are done, we should get out of the economic recession by first quarter in 2017. The private sector is huge and I think we will get out of the recession as soon as possible,” he said.
