Aliko Dangote, Chairman and Chief Executive of the Dangote Group, conveyed his optimism about the Nigerian economy’s potential for rapid transformation.
Following the inauguration of the Presidential Economic Coordination Council (PECC) by President Bola Tinubu, Dangote addressed State House Correspondents on Thursday, stressing the significance of public and private sector collaboration in revitalizing the country’s economy.
Renowned industrialist Aliko Dangote expressed optimism about Nigeria’s economic potential, emphasizing the crucial role of collaboration between the public and private sectors.
Speaking to State House Correspondents after the inauguration of the Presidential Economic Coordination Council (PECC) by President Bola Tinubu, Dangote assured that the private sector would offer guidance to the government on necessary policies for economic recovery.
Dangote stated, “This is where the public and private sector will work together. We will advise the government on the type of policies needed to revamp the economy. Our economy can be turned around in a few months. Things will soon change. We will work to make sure that things change for the better.”
Plateau News reports that Dangote’s comments come after he criticized the Central Bank of Nigeria (CBN) for raising the interest rate to nearly 30%.
During the opening address at a three-day summit organized by the Manufacturers Association of Nigeria (MAN) at the Presidential Villa in Abuja, Dangote called for new policies to protect domestic industries.
He highlighted the importance of the federal government creating a conducive environment for the growth and success of existing businesses, particularly manufacturers.
Dangote noted, “Nobody can create jobs with an interest rate of 30%. No growth will happen. We must look to leading countries in the West and the East who are actively protecting their domestic industries. Import dependence is equivalent to importing poverty and exporting jobs.
No power, no growth, no prosperity. Similarly, no affordable financing, no growth, no prosperity.
There is no industrialization without protection. Ignoring these facts is what gives rise to insecurity, banditry, kidnapping, and abject poverty.”
Dangote emphasized that industrialization is essential for sustainable and inclusive economic growth, as well as human development.
He argued that manufacturing plays a crucial role in a country’s efforts to attain economic progress and self-reliance.
“It is evident that the strength of a country’s manufacturing sector determines its capacity to compete in global trade, of which 70% is in manufactured goods.
I am aware that the Bretton Woods Institutions have confused some of our economists about the word ‘protection’ to the extent that some of them think it is blasphemy – a word that should not be uttered in good company.
But how did China, Korea, India, and several other Asian countries emerge as strong economies and a threat to the existing world economic order?
“We are often told that protecting your industries makes your country uncompetitive! This is pure fiction. It is quite the reverse.
I say you cannot be competitive until you protect and support your own industry. Let me therefore conclude by reiterating that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector.
But to do so, we must rethink our industrialization policy. We must look to leading countries in the West and the East who are actively protecting their domestic industries.
We must similarly enact policies to protect our domestic industries and nurture them into homegrown champions that will create the jobs and prosperity we desperately need,” Dangote concluded.