Economy: FG Says Dangote Group Is A ‘Game Changer’ | Independent Newspapers Limited
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Economy: FG Says Dangote Group Is A ‘Game Changer’

Dangote; National Asset
Posted: Oct 11, 2016 at 3:25 am   /   by   /   comments (1)


The Vice President, Prof Yemi Osinbajo, has described the Dangote Group as a ‘game changer’ to the Nigerian economy.

Osinbajo, while speaking at the ongoing Nigerian Economic Summit in Abuja on Monday, said: “Dangote Group is an example of a game changer private sector that has been supporting the economy in many areas. Once the Dangote refinery comes on stream, it will help with the forex issue and create jobs for our people.”

The Vice President, who was referring to the ongoing construction of the Dangote Refinery with the capacity to refine 650,000 barrels a day, said the government was proud that a Nigerian company had undertaken to construct such a gigantic refinery.

He said that the Muhammadu Buhari government had a ‘very clear policy and objective,’ even as he urged Nigerians to have confidence in the government change mantra.

President Muhammadu Buhari , who declared the summit opened, said the private sector was key to his administration, adding that the theme for the 22nd summit: ‘Made in Nigeria’, was apt in view of the need to look inwardly and support local manufacturers.

The Chairman of the Nigerian Economic Summit Group (NESG), Mr.  Kyari Bukar, who commended the Dangote Group for its sponsorship, said the private sector is the engine of the economy and that it was time to diversify to other sectors.

He said: “The summit is an opportunity to tell ourselves the bitter truth and swallow the hard truth.”

Minister of Budget and National Planning Senator Udoma Udo Udoma said the government as a regulator was not only interested in policing the private sector but providing the enabling environment for local businesses to thrive.

He added: “We concede that the private sector is the true engine of growth.”

An Associate Professor from the Lagos Business School, Doyin Salami, said the Made in Nigeria concept was apt but that it must cover production, global competitiveness, inclusiveness and value addition to global economy.

He regretted that the economy was shrinking and contracting, “and worse than stagflation.”

He said: “We don’t live in the past. It is not what has been done that matters. But what remains to be done.”

Minister of Mines and Steel Development Dr. Kayode Fayemi said his ministry was bringing in big ticket player into mining sector, just as he said that the sector had great potentials as Nigeria diversifies its economy.

According to him, the Buhari government had pruned the cost of governance.

The Dangote Group is one of the major sponsors of the three-day Nigerian Economic Summit in Abuja.

Comments (1)

  • Ahmed Rufa Oct 11, 2016 at 3:51 am Ahmed Rufa'i Khalil

    So those who say national assets shouldn’t be sold to private sector should disprove why govt is waiting for the buyers in the private sector to bail the country out of recession?For the umpteenth time,Nigerians must understand that producing and exporting companies in the private sector owns the economy,not government.Whatever logic they employ cannot change natural laws.National Assets simply means private companies doing business and earning foreign currency.Not exactly coys operated by govt.

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