Dangote reveals how much Nigeria needs to revive Economy


Nigeria needs $15 billion from asset sales and borrowing to revive a slumping economy and boost foreign reserves, according to the President Chief Executive, Dangote Group, Aliko Dangote.

Aliko Dangote

“Through sales of assets, through loans from Bank of China or wherever, we need something like $15 billion,” Dangote, Africa’s richest man, said in a Bloomberg TV interview at the U.S.-Africa Business Forum in New York. “We’re having a problem as the reserves are low. The banks, entrepreneurs, everybody is speculating on the currency.”

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Nigeria’s economy, battered by low oil prices and a dearth of foreign investment, is set to shrink in 2016 for the first time in 25 years, according to the International Monetary Fund (IMF), which forecasts a 1.8 per cent contraction.

The country’s foreign reserves have fallen by more than a third since the end of September 2014 to a more than 10-year low of $24.8 billion. The naira has fallen almost 40 per cent against the dollar this year. President Muhammadu Buhari’s government is trying to spend a record budget of N6.1 trillion to stimulate growth.

The country plans to raise about $4.5 billion of concessional loans and Eurobonds this year to help pay for its spending plans.



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