Aliko Dangote: 5 Ways To Pull Nigeria Out Of Recession [MUST READ]

September 18, 2016 8:29 AM

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aliko-dangote_1200x6751 — Africa’s richest man, Aliko Dangote. (FILE PHOTO)

Africa’s richest man, Aliko Dangote, has prescribed ways by which the federal government can boost the country’s recession-hit economy.

According to CNBC Africa, Dangote said selling of assets is a better way for the Federal Government aid the ailing economy.

Dangote told CNBC that Nigeria, which rivals with South Africa to be the continent’s biggest economy, should have been diversified a long time ago. He lamented its over-reliance on oil.

However, he was optimistic that Nigeria would exit recession in the fourth quarter of this year and said the country “had all the answers” to bounce back to health.

Dangote 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.

“If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organization.”