Import-based Economy Creates Poverty, Dangote Warns Nigeria, Other African Nations

Import-based Economy Creates Poverty, Dangote Warns Nigeria, Other African Nations

A warning has gone to Nigeria and other African countries which depend solely on imported goods, products and services as this would further pauparise the people of such nations.

This was the position of the Africa’s richest Man, Aliko Dangote who expressed his view on the rate at which African countries, especially Nigeria keeps importing products from overseas.

The business tycoon said the existing arrangement must change with countries focusing more on export.

In his interview, the industrialist said “If today I were a banker, I would lend money only to export-based industries, because they are safer. I don’t want to give you money to set up a factory when you have to import 80% of your raw materials. It does not make sense.”

“When you import, you are importing poverty into your country… When you export you are creating jobs here and exporting poverty to them. Whatever we can export we should do so,” he added in an same interview.

The business magnate said the continent already has resources and must focus on creativity “Why don’t we do something creative? We have the resources,” he said. Aliko Dangote has over time shown his commitment to significant developmental projects.

He has invested massively in the cement industry, owning the country’s lead cement manufacturer. He has also invested in fertilizer production on large scale to boost agricultural activities. Currently, the industrialist is working on a mega oil refinery to help Nigeria deal with fuel scarcity and also serve a wider African market.

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