Africa's richest man and President of Dangote Group, Alhaji Aliko Dangote is confident that Nigeria will survive the oil price crash that has decimated government revenues if it sustains its fight against corruption.
According to a press release from the company on Monday, Dangote spoke at the Financial Times Africa Summit in London, where he maintained that Africa’s most populous country would grow.
He said,
“Nigeria’s GDP won’t stagnate and we will have a short term shock but people should remember the Nigerian economy is resilient and huge.”
He said that if the government of President Muhammadu Buhari continued its crackdown on corruption, the near 50 per cent oil price slump in the past year would be mitigated.
“The government has also suffered a lot of leakages; when oil was $100 a barrel we weren’t seeing all that revenue collected. If the government collects all its taxes and duties, I think we will be okay. We will not have as much as we had before but it will be okay.”
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