Africa's richest man, Aliko Dangote, says Nigeria's economic reality is being exaggerated and is not as bad as it is being portrayed. Dangote said this while speaking at the Economist Forum in Lagos, yesterday March 7th. Dangote said while some businesses faced serious challenges, others did not.
“It all depends on the business. I think people are underrating the economy of Nigeria. They just go and look at foreign exchange because oil has gone down and believe that everything has gone out of the window. That is not correct”.
He said despite what is being described as an economic crisis in Nigeria, his company, Dangote Cement, recorded 47 per cent growth in January and February.
"We have seen growth in our sugar business of about 20 per cent. If your business model is to import 100 per cent of your component and just be an assembly plant, then definitely you will face challenges because the influx of foreign exchange is not like what it used to be a year and half ago when we used to receive about 3.2 billion dollars on monthly basis and our outflow was around two billion dollars. Today, we are receiving just about a billion dollars. In our cement sector, we had that vision and we said let us properly industrialise. By this, we mean that our raw materials are almost 90 percent locally sourced. So we only need foreign exchange to buy spare parts, pay some of our expatriate staff salaries in dollars and a get a little bit of gipson which is not readily available here.”he said
Dangote added that the only option left for businesses in Nigeria was to export.
“We now have capacity to export cement worth about 500 million dollars on an annual basis. With that, it means that we are self-sufficient. If you look at most of our projects, they are all very transformational projects because we saw this coming. In the last ten years, we said we want to do things in a manner that by 2018, we don’t have to go to the Central Bank of Nigeria to ask for foreign exchange. We want to be people who will sale forex to the market.”he said
Source: Daily Trust...
52 comments:
“It all depends on the business. I think people are underrating the economy of Nigeria. They just go and look at foreign exchange because oil has gone down and believe that everything has gone out of the window. That is not correct"
Exactly! This dollar increment made me realize nigerians practically worship America! America is the modern indirect colonizers of Nigeria
This is coming from someone with a better knowledge,sir we need your type to keep educating the wailers and bring them to light!
Ok ooooooo
Nice and quite informative, price of oil went down and pure water sellers increased price, Nigerians can like to exploit each other with any given chance.
. ~BONARIO~says so via NOKIA LUMIA
Hmmmmm alhaji dengote please go an hide ur face in shame.
Go and change ur people all u just say here has noting to do with Nigeria economy so is rubbish,,alhaji go an tell pedophile sanusi to release all the little girls he kidnap simple.
Dengote hmmmm .
#sad indeed
respect lost
That is a voice of reason from a sound technocrat. Tell the unbelievers...
Ok na
Na wa ooo
Next!
Next!
Seen
Easy for him to say. He isnt affected by the economic crunch.
Una hear am? Haters be talking trash from morning till night.I hear some say Nigerians are suffering so much under President Buhari & I ask which Nigerians? Why do we hate sacrifices so much? We just love magic! Instant fixes! That's exactly what they fooled us with while they looted.Rebasing & all that fancy wall paper economy.
Nice,May God help us.
Nice,May God help us.
E sir help me tell dem. Instead of investing in our home made goods naija go dey wail like wetin I know know.
AJ MAIN BOY. ..
Alhaji go and sit down...
i don't blame you. govt provides you forex if you don't have, you do not buy salt and pepper and the govt also subsidize all your raw materials how will you know then that the economy is bad besides you romance any govt in power! smtchwwwwwwwwwww
Dangote is not a technocrat nor businessman. He's just an opportunist who made money through his Fulani connection, supported by our Government. We remember how OBJ made him the sole importer of cement, sugar and rice in Nigeria thereby crushing all his competitors including Ibeto. Moreover, he can sit back there to announce to suffering Nigerians who have device ways to weather their harsh economic conditions, that the state of our economy is exaggerated. How? So Mr. Dangote doesn't know that Nigeria is a consuming Nation, we only import. Who killed the exporting credentials of Nigeria? Is it not your likes. When the price of oil goes down and dollar falls to pieces, what is this present Government doing to rectify our economy? All we hear is new monetary policy, devaluation and so on. What is long term solution to our economic issue. Last administration improve on Agriculture and Transportation, why can we invest more on it and export.
How bad can dis get?
... merited happiness
Of course ud say so bcs u have the fair share percent so how'd u und wa the poor ones see on a daily? I'M UR FAN, DON'T ANNOY ME, PLS.
-D great anonymous now as Vivian Reginalds
All he has said has nothing to do with the benefit of Nigerian businesses but more of how his own personal business and how his monopoly will continue to thrive, he has been a firm beneficiary of successive govts with tax rebates and policies suited specifically for him ensuring he has no competition. This is the Nigerian economy and there are other businesses (local and foreign investors) which are currently finding it difficult to operate under the current atmosphere, this is not the dangote economy.
They need fuel to transport their water to the retailers dnt they?
Shut up,He wasnt talking to you..
How old are you mofo?
Disgusting level of reasoning..i bet ya IQ is 12/160..dunzzz...
Linda,that gipson is spelt gypsum....make Aliko no read am come laff us
4
I don't blame u. You're dangote. What of the average business man. Govt provides forex for u. Help u build cement plants sef. And ur here talkin
http://www.onegeria.com/2016/03/body-for-gods-reyna-love.html?m=1
Hey BVs, my friend is a very smart and intelligent woman. I persuaded her to start her own blog because I know people would love what she has to say. It is still in its early stages but please visit http://onegeria.blogspot.com/?m=1 to take a peek inside her beautiful mind. Thank you
My dear anon, don't mind him.mcheew!!
Hey BVs, my friend is a very smart and intelligent woman. I persuaded her to start her own blog because I know people would love what she has to say. It is still in its early stages but please visit http://onegeria.blogspot.com/?m=1 to take a peek inside her beautiful mind. Thank you
***************Mumu hausa man........onwere nke gbasara gi ???????? Ataram ngi na ,,,,,,,,,,,
Lack of patients
Amaka in action
He couldn't have said it better. Linda take note!
Okk
Partly said
He's a billionaire, he won't understand
Biafran maggot. Awuraun people.
easy for a rich man to say
All well said. I like your explanation sir.
A beggiii
Becuz his leaving d life.....
Hw would he know
When d pior r suffering
#spritual
A beggiii
Becuz his leaving d life.....
Hw would he know
When d pior r suffering
#spritual
Thank you nailed!!! Not to mention his enormous tax breaks!
Nigerians so terrible
Freeborn I doubt the freedom of your brain, go ahead and insult politicians APC or PDP as you like, not a man like Dangote OK. Mumu
Hey Nailed head, several opportunities have passed you and you are still with us on LIB, please do something with your life and stop the barbing saloon analysing. I bet you can't even manage a pure water factory so shut the front door of your nailed bottled mouth
So Dangote now imports cement, sugar and rice abi, continue
He sure isn't feeling what the common man feels right now....else he won't say sure
How can this ignorant f**k know how bad d economy is?? Do you feel what the average Nigerian businessman feels as regards enabling business environment which is very bad for the common man... This is the same man that wants to go invest over 300million pounds in London all in the name of buying Arsenal FC where as he has done nothing to aid the comatose Nigerian FA.. Imagine what a quarter of that money will do to the Nigerian FA if he decides to .. Smh
Oga Dangote, the government supplyed you $1 billion at the official bank rate while the average business man has to source for Forex from the black market. How won't your business boom. Mtchewwww.
i recieve my own increase too! Respect @Dangote
He is trying to covered aboki brother, how can u know if economy is bad or not is when common men cannot access a good living, it's well
Bonario keep quiet,in what way have the economy helped you? If it had,by now you should be using Samsung Galaxy S6Edge to report...
So how is buying his cements??? Abi don't building constructions go on in Nigerian that aint owned by politicians despite d bad economy??? There is an epitome of truth in what he said
Dangote is one of the biggest problems in our current economic crises. The govt has given all the forex to him to build plants outside the country. Hence the real reason of the high exchange rate. Big man thief!!!
Post a Comment