TheNigerianVoice Online Radio Center

Investments: Dangote Group game changer to Nigerian economy – FG

By The Citizen
Listen to article

Vice President Yemi Osinbajo has described the Dangote Group as a 'game changer' to the Nigerian economy.

Speaking at the ongoing Nigerian Economic Summit in Abuja on Monday, the Vice President said the: '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,' Mr. Osinbajo said.

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 is proud that a Nigerian company has undertaken to construct such a gigantic refinery and the largest in the world.

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

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

Chairman of the Nigerian Economic Summit Group(NESG)  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.

'We concede that the private sector is the true engine of growth,' he added.

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 is shrinking and contracting, 'and worse than stagflation.'

'We don't live in the past. It is not what has been done that matters. But what remains to be done,' he said.

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

According to Dr Fayemi 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.