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Aliko Dangote Wants FG to Sell Nation’s Assets to Get Nigeria’s Economy out of Recession | WATCH

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CNBC Africa‘s Wole Famurewa speaks exclusively to Africa’s richest man and President of the Dangote Group, Aliko Dangote about the economic slowdown in Africa, Nigeria’s economic recession, and his latest investments.

Dangote said that selling of government assets could be the best way to get Nigeria’s economy out of the recession.

“I think the real challenge for us is now for us to have the political will in terms of selling some assets. I think it’s an easier route than the IMF (International Monetary Fund) or the World Bank to borrow money, because what you need to do is actually to beef up the reserves.

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 $800million 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,” he said.

The Industrialist added that if the Federal Government follows his suggestion, the country will be out of recession by the fourth quarter.

“You will not believe that the crisis that we have today, if we have $15 billion, adding it to our $25 billion, that is $40 billion reserves. That will give confidence, confidence will come back, then government will back it up with proper economic policy, where people can see the road-map.

Latest by fourth quarter we will be out of recession. It should be a partnership between government and private sector. We have all the answers, Nigeria falling into recession does not really scare me, if we take action,” he said.

Watch:

28 Comments

  1. Nigerian Celebrity

    September 17, 2016 at 2:24 pm

    And something tells me that he would be among the biggest buyers.

    This man nawa tire to dey get richer and richer?

  2. FG

    September 17, 2016 at 2:43 pm

    Baba done speak….Govt over to you.

  3. Lacey

    September 17, 2016 at 2:55 pm

    Dangote the big thief that is never satisfied! If they sell the assets who will now buy it, you and your cronies abi!nobody sells assets to get out of a recession, instead the Government borrows and injects funds into crucial areas of the economy!America today is owing China trillions of dollars due to heavy spending which obviously took the country out of recession! So Dangote stay off all Nigerian assets ok!focus on what you have, and if you are looking for how to recoup your lost billions of dollars ,please look else where!!!Inugo o!

  4. Beard gang

    September 17, 2016 at 3:09 pm

    govt. should sell assets….so that you can buy them for peanuts and lease out at exorbitant rates. this dangote and elumelu are the same, fathers of contract staff and paying peanuts. how much will the government possibly get from selling assets? alhaji, that is not a good solution.

    • Mr. Egghead

      September 17, 2016 at 3:45 pm

      Nigeria’s problem is not a cash flow problem. Selling assets will just postpone the evil day. Yes our revenues have decreased but our poor fiscal policy & implementation are the major reason why we are in this rut.
      The way our govt has manipulated forex is simply inimical to growth for a country that depends on forex. The CBN’s refusal to allow a free market is just an example of how we are shooting ourselves in the foot.

      Dangote is just looking for the next thing to buy. The sad thing is that he has the ears of those in govt. They may listen.

      For Tony Elumelu though, what is the real gist about his come up?
      His wikipedia page starts with him establishing a bank. What was he doing before then? At least, everybody knows Dangote was a trader. It seems Tony just woke up and set up Standard Trust, then sneezed and bought up UBA ( a much larger bank then)

    • Anon

      September 17, 2016 at 5:10 pm

      Putting Elumelu and Dangote in the same sentence is indeed an aberration.

    • AceOfSpades

      September 17, 2016 at 5:38 pm

      Thank you ooo Mr. Egghead. I keep asking what is this people’s come up. They just wake up one day as billionaires, what was it they did before? Ooni Of Ife claims real estate, but he got the money to build Inagbe Grand Resort from where? I’m certain it’s not bank loan.

      All those transport billionaires, how did they start buying 100 buses at once? What was the come up? They usually don’t have. I’m not a hater o but I don’t fall for all those ‘I started with 100,000 naira that I borrowed from my daddy’ stories.

    • nene

      September 17, 2016 at 6:34 pm

      and to think tony graduated with a 3rd class

    • To Ace of speads

      September 17, 2016 at 7:23 pm

      If you’re talking about rich people please don’t include the present Ooni (Adeyede Ogunwusi of Gran Imperio). Yes he used banks’ loans to finance Inagbe which he is struggling to service now. He got little money from defrauding lots of people,from rich, suppliers, customers, friends,,,,,,,,,but got a huge finances from the bank. The bank practically owns the air that he breaths now.

    • well

      September 17, 2016 at 7:39 pm

      Well their day of reckoning is coming soon. All these selfish thieves. BTW inagbe is all bank loans financed o. It’s an open secret that Ooni is in an acute debt.

    • Ekene

      September 17, 2016 at 11:05 pm

      You guys are quite funny. Go and read up about Elumelu, you will bow. Do hour research and allow jealousy to rest. You will learn a lot from his struggles

    • Author Unknown

      September 17, 2016 at 11:57 pm

      @nene. Graduating 3rd class, or not even attending university doesn’t make one unintelligent, or destined for failure in business. Academics one thing, real life, another. Just a general statement that has nothing to do with Elumelu.

    • EE

      September 18, 2016 at 2:27 am

      You mean to tell me you’re a Nigerian and have never heard of “ogwo ego”??

  5. xplorenollywood.com

    September 17, 2016 at 3:45 pm

    I get ur point, but he does have a point! Governments hands are in everything and part of this owning everything has lead to corruption. If they have younger people and thought leaders, we can move somethings forward and cut excesses from the root. If its well thought out, then ride on.

  6. LemmeRant

    September 17, 2016 at 4:37 pm

    The sad part about this guy is that he keeps pitting himself as a solution provider to the country’s economic problem, when he’s infact one of the chief contributors to our declining economy.

    Who no sabi bribe politician to block off competitiors. Shior

    • The Real Oma

      September 17, 2016 at 4:54 pm

      You echoed my sentiments exactly…

    • nene

      September 17, 2016 at 6:34 pm

      gbam. he wants a monopoly on everything in nigeria. he probably wants to even own nigeria.

  7. Author Unknown

    September 17, 2016 at 4:51 pm

    Dangote’s (Mr. Monopoly) suggestion would either make the rich richer, or mint a few new billionaires. The vast majority of Nigerians would still remain in poverty. I think government hands need to remain in certain ventures, as we’re not a mature enough society where we can expect prosperity to trickle down. Rich Nigerians like to lord over the less wealthy, and will want to keep it that way. Public-Private ventures are good, but if the government isn’t looking out for its people, it defeats the purpose. Once we learn that government prosperity means the people’s prosperity, and is not a place for officials to enrich themselves at the detriment of the nation, we’ll start to do better. I’m no economics expert, but the government needs to (while recovering looted funds) raise some money (possibly through bonds from Nigerians, diaspora Nigerians and foreigners) and then stimulate the economy by investing in Nigerian non-oil sector industries. We need to leave this oil business alone for a minute, and encourage growth in other sectors. Make investment loans (strictly monitored)available to small and medium scale businesses and buy shares in bigger manufacturing businesses, which can be liquidated when things get better. Let me stop before I write a thesis because with naija, I could go on and on. And to think Patience still has the guts to claim some millions of dollars as her money. Money from what work?

  8. Gorgeous

    September 17, 2016 at 5:38 pm

    Lol! Aliko, the sole heir to all Nigerian government opportunities. Original first and only son of Nigeria. You don come again!

  9. Jayla

    September 17, 2016 at 7:45 pm

    Aliiikoooo Babaaa!!! He wants to buy Nigeria kpatakpataa!!! Mr Monopoly! He monopolised cement, sugar, eceterra eceterra and now he wants to monopolise Government properties! Aliko is not the saviour we need in Nigeria! He shouldn’t be asked to profer or recommend solutions to the economic crisis! He’ll first think of himself before the well being of the masses.. Have we forgotten so soon how me was pictured with Goodluck Jonathan before election results & 2 hours after election result was announced, he was pictured with Mohammadu Buhari? Have we forgotten? And we’re asking him for the way out? Naaaa!!! Aliko bôbô is neither our Moses or Aaron.. He can’t take us to the promise land

  10. Jayla

    September 17, 2016 at 7:48 pm

    Aliiikoooo Babaaa!!! He wants to buy Nigeria kpatakpataa!!! Mr Monopoly! He monopolised cement, sugar, eceterra eceterra and now he wants to monopolise Government properties! He will start with buying all the airports in his name.. Aliko is not the saviour we need in Nigeria! He shouldn’t be asked to profer or recommend solutions to the economic crisis! He’ll first think of himself before the well being of the masses.. Have we forgotten so soon how me was pictured with Goodluck Jonathan before election results & 2 hours after election result was announced, he was pictured with Mohammadu Buhari? Have we forgotten? And we’re asking him for the way out? Naaaa!!! Aliko bôbô is neither our Moses or Aaron.. He can’t take us to the promise land ..

  11. concerned9a

    September 17, 2016 at 7:54 pm

    Even the UK now regret selling some of their prized assets…more selfish monopolist billionaires just what we need…and Mr Dangote that’s why Nigeria is not your company…go and sell your own assets!!

  12. concerned9a

    September 17, 2016 at 7:55 pm

    PHCN was privatized and still a disaster with higher tariffs!!

  13. EE

    September 18, 2016 at 2:31 am

    Unpopular opinion: Sell it. Can anybody name one of these assets you all want to keep so much?? None of them are the NHS or Social Security. Sell it!!

    Monopolies can always be broken up, private business regulated, nothing can be done about public sector holdings hemorrhaging funds.

    Ohh and its “Ogwu ego”. Couldn’t disappoint my ancestors.??

    • Noni

      September 18, 2016 at 4:06 am

      Monopolies can always be broken up …this is true but this is Nigeria. Dangote is living proof of how almost impossible it is to do in Nigeria.

    • EE

      September 18, 2016 at 5:45 am

      A long time ago, the same was said about America, along came Theodore. Same was once said about Russia. along came Vladmir.

      Nothing in life is certain, but death and taxes……….I’m told.

  14. Timz

    September 18, 2016 at 8:08 pm

    Tony is also very far from clean – Baba just has a well-oiled PR machinery

  15. Jay

    September 18, 2016 at 10:38 pm

    “billions and billions looking for a home,” lol love that.

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