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How to get out of the recession: Dangote offers advice to President Buhari

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How to get out of the recession: Dangote offers advice to President Buhari

Business mogul and Africa’s richest man, Aliko Dangote has advised the federal government to sell some governmental assets and re-invest the proceeds into the economy as this will fast-track the recovery of the economy and take the country out of recession.

The billionaire, speaking during an interview with CNBC Africa, suggested that assets which are dormant but capable of fetching the government huge amount of money should be sold off in order to generate enough funds to boost the economy. He singled out the Nigeria Liquefied Natural Gas company (NLNG) and the African Finance Corporation as assets which the “government has no business investing in.”

Dangote used his company as an example and what he would do in a similar situation. “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.”

He posited that the major problem at this time is the lack of depth in the country’s reserves and suggested that by boosting the reserves through the selling of assets, the country will be back on its feet in no time.

“Once we can sell assets, and put $15 billion together, you’d be very shocked at how much the dollar will actually drop, you can easily see 250. What is happening today is mere speculation. The crisis that we have today, if we have $15 billion, adding it to our $25 billion, that is $40 billion reserves. That will give confidence, confidence will comeback, then government will back it up with proper economic policy, where people can see the roadmap. Latest by fourth quarter we will be out of recession. It should be a partnership between government and private sector,” he said.

According to him, “we have all the answers, Nigeria falling into recession does not really scare me, if we take action.”

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