Nigerians Should Pray Oil Prices Remain Low—Dangote

September 21, 2017
Dangote Refinery

By Modupe Gbadeyanka

Africa’ richest man, Mr Aliko Dangote, has disclosed that Nigeria should pray that the prices of oil should remain low.

According to him, this will ensure Africa’s largest economy diversify her economy and take away the high dependence on crude oil for foreign exchange earnings.

Mr Dangote made this known in a packed room at the headquarters of global law firm, Shearman and Sterling LLC, high level business leaders and international diplomats invited by the Corporate Council for Africa to hear him speak.

According to him, agriculture should be the next focus, pointing out that “Africa will become the food basket of the world.”

Mr Dangote, alongside Rwandan President, Mr Paul Kagame, openly converse on Africa’s opportunities and challenges.

Both leaders underscored the ongoing movement to diversify African economies.

In the case of Nigeria, Mr Dangote stated that, “We should pray that oil prices remain low. This helps wean us off the dependency on revenues from petroleum. We must take oil to be the icing on the cake. We already have the cake.”

In addition to agriculture Mr Dangote cited Nigeria’s vast mineral resources and gas as well and the need to manufacture more goods locally for domestic consumption.

Both he and President Mr Kagame cited continued need for heavy investments in education and connected the need for young people to be well trained for the jobs of tomorrow.

Mr Dangote predicted that “five of the twelve million jobs needed in Africa soon must be created in Nigeria.”

Mr Dangote’s fortune, which stems from cement, sugar, and other household commodities, has expanded into fertilizer and other processed high-value goods.

“Technology of course helps us a lot and our factories are state of the art with the use of robotics but we shouldn’t be overly tech oriented to create wealth,” he told investors.

Mr Dangote who is often cited as one of the most inspiring business leaders in the world today and a model for young entrepreneurs offered advice to Americans who tend to rely on outdated news and wrong perceptions of Africa, “Don’t be lazy. Go there and find the real story for yourself. Things have changed.”

He noted the Rwanda success story where he has business interests as an example of positive change, good governance and leadership, and where corruption has been cured.

He cited a personal experience of offering a $100 US tip for services at the Kigali Airport to staff who refused to take money for work they were paid to do.

President Kagame was praised for delivering the environment for growth he promised. “There is nothing African about corruption,” the Rwandan president added.

The session was moderated by Rosa Whitaker, former US Trade Representative and author of the AGOA (African Growth Opportunity Act), whose business consultancy is credited for helping both African governments and US companies develop commerce.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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