Nigerian Economic Situation Is not A Crisis, Dangote Says

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Africa’s richest man, Aliko Dangote has argued that the current Nigerian economic situation cannot be described as a crisis because while some businesses faced serious challenges, others did not. “It all depends on the business,” he said.

Dangote stated this whilst speaking at the The Economist Forum in Lagos.

While answering questions on the potentials of the Nigeria economy in the face of the current economic challenge, he revealed that his businesses had grown even with the current economic ‘crisis’.

He said: “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 that the Dangote Cement, as at January and February, recorded 47 per cent growth. The company, he said, estimated that in the next three months, it will witness 60 per cent growth. “We have seen growth in our sugar business of about 20 per cent” he said.

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