Dangote 'Writes' Buhari after Losing N1.5Tn in 24 Hrs(Read his Advice to Mr. President)

Recession: Dangote ‘Writes’ Buhari (Read his Advice to Mr. President on CNBC Africa)

Africa’s richest man and business magnate, Alhaji Aliko Dangote, has advised the Federal Government on the solution to the current economic recession in the oountry.

Dangote said the Nigeriaa’s government would do well to consider selling off the Nigerian Liquified Natural Gas (NLNG) company, and other dormant but huge capital-generating sectors, and invest the proceeds in the economy.


He made this known in an interview with CNBC Africa.

According to him, this will bring the country out of recession before the end of the fourth quarter.

In his words, “The only way for us to get out of this recession is to make sure we move into action quickly; action by diversifying the economy quickly.


“If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organisation.


“What we need to do now in my own thinking… we have a lot of assets to sell. We can sell part of the joint venture; part of the shares. You know government normally owns 60 percent.

“We can sell in an open tender be it Chinese. We can change the term and make it an operating one, just like what we have in NLNG. We also have another asset I think we don’t really need.

“The African finance corporation; it can fetch them $800 million easily. My own suggestion before was that they should even sell 100 percent of NLNG. I don’t think government should be in any business of investing in sectors of LNG.

“A company like that, with earnings of $1.5 billion on the average, they should get anywhere between $12 billion and $15 billion.”

Speaking further, the billionaire said: “You will not believe that the crisis that we have today, if