Nigerian business tycoon and Africa's richest man, Aliko Dangote has commented at the Economist Summit in Lagos that the low price of crude oil is not the end of the Nigerian economy.
While speaking at the 11th edition of the Nigeria Summit hosted by the Economist magazine, Dangote claimed that the crisis could be turned around into stepping stones that will lead to economic growth.
He further stated that the Nigerian economy will grow if the government is consistent in its policies. The ace businessman likewise challenged Nigerian producer to boost exports to other countries.
“The issue with Nigerian exports is capacity. Most Nigerian companies are not geared up for exporting.”
On the depreciation of the Naira, the business tycoon advised that the only way to prevent the country's currency from falling further is through self-sufficiency and export booster.
“The way to manage the exchange rate is to be self-sufficient and export materials,” he said.
The summit which was held on Tuesday March 8th, 2016 at the Inter Continental Hotel, Lagos, brought together 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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