Africa’s richest man, Alhaji Aliko Dangote, has stated that the availability of consumer credit facility is an important option in fighting corruption in the country.
Speaking at on Saturday in Lagos at a consultative roundtable titled, “Going for Growth” with some economic stakeholders, the President of the Dangote Group said that the Central Bank of Nigeria (CBN) and commercial banks need to develop consumer credit products that will encourage low-income earners to engage in loan taking.
The business mogul also noted that lack of policy implementation is the biggest challenge in the country.
Dangote who wondered how there can be economic growth without power said if there is no power, there won’t be growth because without power there can’t be growth.
While urging the Federal Government to improve more on the power sector, saying “no business will thrive with business owners generating powers themselves”, Dangote, therefore, called on all stakeholders to come together and support the government in finding solution to power challenges in the country.
“Egypt increased its electricity by 10 gigawatts, which is equivalent to 10,000 megawatts in 18 months.
“In Nigeria, we have been struggling for 18 years without adding 1,000 megawatts and we have spent about three times above Egypt, why?
“So, I think we all need to be concerned about that.”
He, therefore, advised the country on the need to promote import substitution for foreign exchange accumulation through proceeds from exports.
He also suggested a public-private partnership to boost the non-oil sector of the economy and advised Nigerians to invest in the development of the non-oil sector which had been left in the hands of foreigners.
“Government need to encourage non-oil sector growth rather than depending on proceeds from crude oil to pay salaries.
“Proceeds from crude oil sale should be for major investment in the country,” he added.