Dangote tasks FG on economic diversification

Posted by News Express | 26 August 2013 | 3,286 times

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Foremost industrialist and President/Chief Executive of the Dangote Group, Alhaji Aliko Dangote, has tasked the Federal Government to begin the production of petroleum products for export.

He made the call at the weekend in a keynote address titled ‘Nigeria Beyond Oil’ which he presented at the 9th All Nigerian Editors’ Conference held in Asaba, Delta State.

Dangote, who was represented by his Chief of Staff, Engineer Joseph Makoju, said that with the discovery of crude oil in many African nations, fall of oil prices in the international market, and exploration of alternative sources of energy such as shale oil, Nigeria should seek ways of enhancing its economic sustainability.

One of the strategies he identified is refining and production of diverse petroleum products for export. He stated that with the creation of industries dedicated to the production of petroleum based products, there should be conscious effort by government and stakeholders to create a demand for these products in the local economy.

The global business icon explained that Nigeria has a large population which translates to huge market if harnessed, adding that countries like China and India relied on their population to create a huge domestic market for products. He also called on government to use the nation’s abundant petroleum resources to drive the industrialisation of the economy, adding that it is only through industrialisation that value is added to raw materials.

“We believe industrialisation is the key to Nigeria’s economic prosperity and we also believe Nigerians should drive the industrialisation process. As a practical demonstration of our business philosophy, we have massive investments in the real sector both within and outside the country. Currently, we have over 13 subsidiaries in Nigeria and operations in 14 other African countries,” Dangote said.

He said that following the success of the Dangote Group, foreign investors now see Nigeria as a beautiful bride that should be courted. He advised that to achieve her goal of industrialisation, Nigeria needs massive infrastructural upgrade, effective regulation and legislation and value re-orientation. He also harped on the need to invest in skills acquisition programmes with more emphasis on research and technology.

Dangote identified the absence of highly trained and experienced human capital to drive growth as one of the major challenges to industrial growth in Nigeria, adding that the Dangote Academy of Learning and Development was set up in 2010 to address this shortcoming.

•Photo shows Dangote.

Source: News Express

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