Without Power there can’t be Economic Growth, Dangote tells Stakeholders

Africa’s Richest Man, Aliko Dangote has said that Nigeria cannot achieve its economic growth without power.

Speaking in Lagos on Saturday at a consultative roundtable titled, “Going for Growth” with some economic stakeholders, the business mogul explained that industries cannot thrive if the power sector is not adequate enough to cater to their needs.

“How do you have economic growth without power? So, no power, no growth because without power there can’t be growth.

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

“Egypt increased its electricity by 10 gigawatts, which is equivalent to 10,000 megawatts in 18 months.

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

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.

Asides power, he suggested that government focuses more on three areas which include finance, manufacturing and agriculture.

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

According to him, Asian Tigers concentrated on these three sectors for them to be where they are.

He further urged the government to focus more on the fiscal policies for the country to move to the next level.

Also Read: Dangote Group revenue to hit $30bn by 2020

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