Dangote Says Oil Price Won’t Return To $80 Per Barrel

SAN FRANCISCO, October 17, (THEWILL) – President of the Dangote Group, Alhaji Aliko Dangote, has told those hoping for the price of crude oil to return to $80 per barrel to perish such thought, stating that that is not going to happen.

Speaking at a forum in Abuja, he reasoned that if the price of crude oil gets back to $90 per barrel, Nigerian would return to their nomal ways and government would no longer talk about recession.

He expressed support for a low crude oil price regime, stating that if the price of the commodity improves, efforts currently being made to diversify the economy would be jettisoned.Dangote said, “We need to be very serious. People who are hoping that crude oil is going to go back up to around $70 and $80 per barrel, it is not just going to happen. There is so much oil everywhere and I think, at $53 per barrel, it is a temporary measure.

“If crude oil gets to $90 per barrel, none of us would talk about recession again; we would go back to our normal ways. For us to go through this long haul of low oil price would help push us into the real sector which is agriculture, construction and all others.”

Story by Ugonnabo Ngwu