Africa’s richest man, Aliko Dangote gives an insight into what could possibly be the biggest mistake any business man can make.
He recently held an interactive session with newsmen and senior editors where he discussed the current state o the nation and explained in some details his businesses which are geared towards proving a better life for Nigerians.
Dangote showed his patriotism when he called on Nigerians to come back and invest at home so as to create jobs for the Nigerian populace. According to him, “Five to 10 people can make Nigeria a great economy,” he also pointed out to the government that “We’ll not have meaningful development until we sort out power problems in the country.”
See Statement Below:
“The issue with subsidy is that government needs to block all loopholes. If there’s no subsidy, it will affect our foreign exchange, we’ll end up buying a dollar at N500, because there’s no VAT on petroleum products. That’s why the import of petroleum products is taking about 30% of our foreign reserve. We just need to make sure that there’s no siphoning of money. The refining business requires volume. If you don’t have a massive volume, there’s no way you’ll make money. Most of the refineries in Africa are running at a big loss. It’s not possible for government officials to successfully manage oil businesses. It’s good enough if they remove the subsidy, but you can check with neighbouring countries like Senegal. If a poor person in Senegal can afford to pay subsidy, why can’t a poor person in Nigeria afford to pay. I think there must be something for the masses, which should be in terms of power, social insurance, good education system, good roads etc.
Source: The Trent