Mr Aliko Dangote, the president of Dangote group on Sunday expressed his displeasure at a consultative roundtable tagged “Going for growth” with some economic stakeholders in Lagos as he discloses the reason for the slow growth of Nigeria economy.
He said, the poor power supply is killing the Nigerian Industries and the economy on the basis that the availability of consumer credit facility is an essential option in fighting corruption in the country system.
“The Central Bank of Nigeria and commercial banks should develop consumer Credit products to urge low-income earners to engage in loan taking”, Dangote added.
Lack of policy implementation can be seen as the greatest challenge in Nigeria.
“How do you have economic growth without power? No power; no growth because without power there can’t be growth. “Egypt increased its electricity by 10 gigawatts, which is equivalent to 10,000 megawatts in 18 months.
“In Nigeria, we have been struggling for 18 years without adding 1,000 megawatts and we have spent about three times above Egypt, why?
“So, I think we all need to be concerned about that.”
The Africa richest man admonish that the nation needs to improve import substitution for foreign exchange accumulation through proceed from export.
He appealed for a public-private partnership to boost the non-oil sector of the economy and added that Nigerians should invest in the growth of the non-oil sector which has been left in the hands of foreigners.
“Government need to encourage non-oil sector growth rather than depending on proceeds from crude oil to pay salaries.
“Proceeds from crude oil sale should be for major investment in the country,” he added.
He advises the federal government to develop more on the power sector, saying, “No business will thrive with business owners generating powers themselves.”
Mr Aliko Dangote said, he wants all the stakeholders to Rally round and assists the government in looking for the solution to ethnicity issues in the country.