Dangote attends the Economist Summit, says low oil price not doom

Aliko Dangote speaking at the Economic Summit held at the Intercontinental Hotel, Victoria Island, Lagos on Monday, March 7, 2016.

Aliko Dangote speaking at the Economic Summit held at the Intercontinental Hotel, Victoria Island, Lagos on Monday, March 7, 2016.

Africa’s richest man and Nigeria’s front line businessman, Aliko Dangote, has said the lower prices of crude oil on the global market is not synonymous with doom, especially for Nigeria’s economy.

While speaking at the 11th edition of the Nigeria Summit hosted by the Economist magazine, Dangote said crises can be used to galvanise a range of opportunities that will grow the economy.

Against the backdrop of rising inflation, Dangote said the price of cement in Nigeria is “the cheapest on the continent.”

He further contended that the Nigerian economy would grow if the government is consistent in its policies while also highlighting the lack of capacity as the bane of Nigerians exporting their products.

“The issue with Nigerian exports is capacity. Most Nigerian companies are not geared up for exporting.”

Dangote also emphasised that improved local production capacity and self-sufficiency would help grow the naira.

“The way to manage the exchange rate is to be self-sufficient and export materials,” he said.

Other leading figure speaking at the Summit include: Prof Yemi Osinbajo, Vice-president, Federal Republic of Nigeria; Alhaji Aliko Dangote, President and Chief Executive Officer, Dangote Group and Chairman Dangote Foundation; Danladi Verheijen, Chief Executive Officer and Managing Director, Verod; Herbert Wigwe, Chief Executive Officer, Access Bank; HE Okechukwu Enelamah, Minister of Industry, Trade and Investment, Nigeria.

The Summit is currently holding today, and will continue tomorrow, Tuesday March 8th, 2016 at the InterContinental Hotel, Lagos.

The 2016 Nigeria Summit will bring key government ministry officials, industry and business leaders as well as representatives of Nigerian civil society; together with international investors, economists and academics to discuss and debate Nigeria’s economic direction.



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