Dangote Tasks NIPSS On Economic Diversification

Economic DiversificationAliko Dangote, chief executive officer of Dangote Group.
  • Dangote Tasks NIPSS On Economic Diversification

President/chief executive officer, Dangote Group, Aliko Dangote has challenge participants of the National Institute of Policy and Strategic Studies (NIPSS), Kuru near Jos to explore ways of contributing meaningfully to the present efforts to diversify the economy, saying as a leading policy formulation body in the country, their input remain vital to economic development.

Dangote throw the challenge in a lecture titled “Promotion of Local Manufacturing and Poverty Reduction in Nigeria: The Private Sector Experience and Policy Options” for senior executive course S.E.C.38 of the national institute.

According to him, the nation ‘think tank’ should consider stepping up research activities with the view to creating comprehensive economic policies for the government that are bench-marked against best practices and success stories of countries with similar history and challenges.

He pointed out the institute should play a leading role in this change process, by coming up with deliberate policies that will enable entrepreneurs to flourish in Nigeria, stressing that the country needs local entrepreneurs who are bold enough to invest their resources despite the risk and challenges of doing business in Nigeria.

He called on government to continue to provide an enabling environment for private business to thrive, adding that they should take the back seat and allow the private sector to drive the economy, adding “this is how countries develop their economies.”

The president of Dangote Group further stressed, “Perhaps the biggest challenge facing entrepreneurs in Nigeria today , has been the epileptic power supply. It is estimated that over 30 percent of the overhead costs of business in the country go into the provision of alternative sources of power. This affects their revenue and profitability.

Nigeria has a plethora of raw materials that can provide primary inputs to various sectors particularly the agro-allied and extracting industries.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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