Dipo Olowookere
By Dipo Olowookere
Africa’s richest man, Mr Aliko Dangote, has explained how the Federal Government can take Nigeria out of her economic woes.
Mr Dangote, speaking with exclusively CNBC Africa, advised President Muhammadu Buhari to start selling off some of the country’s assets.
According to the successful businessman, it would be wrong for the FG to turn to the IMF or World Bank to borrow money to inject into the economy.
He said, “I think the real challenge for us is now for us to have the political will in terms of selling some assets.
“I think it’s an easier route than the IMF (International Monetary Fund) or the World Bank to borrow money, because what you need to do is actually to beef up the reserves.”
Mr Dangote stressed that if his point is looked into and advice taken, Nigeria would be on the verge of restoring her economy.
The business mogul disclosed that the government must take urgent steps to restore sanity into the economy.
His comments came before the country’s credit rating was downgraded to B from B+ by S&P Global Ratings on Friday.
According to the S&P Global Ratings, “Nigeria’s economy has weakened more than we expected owing to a marked contraction in oil production, a restrictive foreign exchange regime and delayed fiscal stimulus.”
Information used in this report was sourced from http://www.cnbcafrica.com/video/?bctid=5126358026001
