Erratic power supply killing Nigeria’s industries, economy – Dangote
Aliko-Dangote
Aliko-Dangote
– By majorwavesen

Follow us on:

The President of the Dangote Group, Aliko Dangote, says erratic power supply is killing Nigeria’s industries and the economy, adding that the availability of consumer credit facility is an important option in fighting corruption in the country.

Mr. Dangote said this in Lagos at a consultative roundtable titled, “Going for Growth” with some economic stakeholders.

He said that the Central Bank of Nigeria (CBN) and commercial banks should develop consumer credit products to encourage low-income earners to engage in loan taking.

He also identified a lack of policy implementation as the biggest challenge in the country.

“How do you have economic growth without power? No power; no growth because without power there can’t be growth. “Egypt increased its electricity by 10 gigawatts, which is equivalent to 10,000 megawatts in 18 months.

“In Nigeria, we have been struggling for 18 years without adding 1,000 megawatts and we have spent about three times above Egypt, why?

“So, I think we all need to be concerned about that.”

Mr. Dangote advised that the country needed to promote import substitution for foreign exchange accumulation through proceeds from exports.

He called for a public-private partnership to boost the non-oil sector of the economy and added that Nigerians should invest in the development of the non-oil sector which had been left in the hands of foreigners.

“Government need to encourage non-oil sector growth rather than depending on proceeds from crude oil to pay salaries.

“Proceeds from crude oil sale should be for major investment in the country,” he added.

He urged the federal government to improve more on the power sector, saying, “No business will thrive with business owners generating powers themselves.”

Mr. Dangote said that all stakeholders must come together and support the government in finding a solution to power challenges in the country.

 

 

Source: Legit

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Newsletter

Get to read our latest stories right in your email

Show some Love. Share this post

Copyright 2022. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from Majorwaves Energy Report

Show Buttons
Hide Buttons