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LequteMan
Guest
Africa's richest man, Alhaji Aliko Dangote at a forum in Abuja has argued that a low oil price regime is good for Nigeria's development.
The business magnate said the crash in crude oil price and the recession is making the Nigerian government to make moves to diversify Africa's second largest economy, which is a good thing.
“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.”
He added that the Dangote Group plans to crash the price of fertilizer in the country.
The business magnate said the crash in crude oil price and the recession is making the Nigerian government to make moves to diversify Africa's second largest economy, which is a good thing.
“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.”
He added that the Dangote Group plans to crash the price of fertilizer in the country.
