As the nation’s economy comes under pressure due to the paucity of funds occasioned by the fall in the price of crude oil in the international market, President of Dangote Group has challenged private investors to rise up to the challenges by initiating fresh investments in in manufacturing and agriculture.
The business mogul, who lamented overdependence on oil to the detriment of other viable sectors, urged Nigerian and international businessmen to lead in the task of diversification of the economy as the only viable option to the current economic quagmire.
Addressing some business executives in Lagos on the new initiatives of his pan-African conglomerate, Dangote stated that it had become apparent that Nigeria needed to move away from a monolithic economy that thrives only on trading of oil and gas.
He explained that the situation in Nigeria in which states government could not meet their obligation to pay salaries and Federal Government not having enough to meet its needs called for concerted efforts to take drastic step that will move the economy away from its present one sector dominance to other areas like agriculture, mining and manufacturing.
According to him, his group, apart from building a refinery and a petrochemical company, is also into fertilizer plant construction to help in the agricultural sector while on the other hand, it has also invested heavily in rice cultivation.
He explained that all these ventures are capital intensive but with prospects for massive job opportunities which Nigeria needs at this time.
Dangote has urged Nigerians to see the current challenges being faced by the country as a passing phase, which which make the country to be more economically stronger in the future.
He expressed his abiding faith in Nigeria as an economically viable nation, noting that Nigeria still remains the destination of choice for investments despite the challenges and pressed the hope that with good support and encouragement from the government of the day, the current challenges would soon be a thing of the past and Nigeria would come out stronger from it.
“Other countries referred to as developed started from somewhere. They all experienced some of these challenges in the past. So I want us to see these challenges as obstacles towards attaining greatness.”
Source; Nigerian Tribune