We can turn around Nigerian economy in few months - Dangote

Nigerian billionaire and Chairman of Dangote Industries Limited, Aliko Dangote, has said the Nigerian economy can be turned around in a few months courtesy of concerted efforts of the government and organised private sector.

Dangote made this known while addressing State House Correspondents after his inauguration into the Presidential Economic Coordination Council (PECC) by President Bola Tinubu on Thursday, July 4, 2024.

The PECC consists of a mix of government officials, top private sector players, and consultants including the Chairman of the United Bank of Africa, Tony Elumelu and Chief Executive Officer of the Financial Derivatives Company Limited, Bismarck Rewane.

Meanwhile, Dangote vowed that the public and private sectors would work together to revamp the economy.

The foremost industrialist also promised that the private sector would advise the government on the right policies needed to steer the Nigerian economy in the right direction.

“This is where the public and private sector will work together. We will advise the government on the type of policies needed to revamp the economy.

“Our economy can be turned around in a few months. Things will soon change. We will work to make sure that things change for the better,” he said.

Dangote criticises CBN's decision

Dangote's comments come after his criticism of the Central Bank of Nigeria (CBN)'s decision to hike the interest rate to almost 30%.

Speaking at the commencement of a three-day summit organised by the Manufacturers Association of Nigeria (MAN) in Abuja earlier in the week, the business mogul called for new policies that would protect and spur the growth of domestic industries.

He urged the Federal Government to protect existing businesses in the country, especially manufacturers by ensuring there's an enabling environment for them to operate.

“Nobody can create jobs with an interest rate of 30%. No growth will happen. We must look to leading countries in the West and the East who are actively protecting their domestic industries.

“Import dependence is equivalent to importing poverty and exporting jobs. No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity. There is no industrialisation without protection. Ignoring these facts is what gives rise to insecurity, banditry, kidnapping and abject poverty”, he stressed.