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Nigeria Needs $15b To Survive Recession—Dangote

aliko dangote

By Modupe Gbadeyanka

Chairman of Dangote Group, Mr Aliko Dangote, has told the world that Nigeria needs about $15 billion to get out of recession.

Mr Dangote made this known in an interview with Bloomberg TV interview at the US-Africa Business Forum held on the sidelines of the 71st United Nations General Assembly (UNGA) in New York.

He said the money could be raised from the sale of national assets or from lenders across the globe.

Mr Dangote told Bloomberg TV that, “We need something like $15 billion through sales of assets, through loans from Bank of China or wherever.”

He pointed out that Nigeria’s problem came about because of low foreign reserves, emphasising that “the banks, entrepreneurs, everybody is speculating on the currency (Naira).”

Earlier, the Africa’s richest man had told CNBC Africa that the Federal Government must sell its assets to raise funds to revive the dwindling economy.

His call was backed by some economists and even the Senate.

However, some Nigerians criticised the call, including Senator Shehu Sani, who described Dangote, the Senate and others in support of the suggestion as “economic predators”.

It would be recalled that the International Monetary Fund (IMF) had forecasted that Nigeria’s economy would record a 1.8 percent contraction in 2016.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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