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Low Oil Price A Blessing To Nigeria – Dangote

The President/Chief Executive of Dangote Industries Limited, Alh. Aliko Dangote, has said that the low prices of oil will help Nigeria to cut down on its reliance on revenue generated from the export sales of crude oil.


Dangote said this this at the UN General assembly in New York on Tuesday, according to a statement released by the African Press Organisation (APO).

The Global oil benchmark fell from from a height of $115 per barrel in the middle of 2014, and has remained at around %53 per barrel in the recent months.

Shearman and Sterling LLC, both leading business franchises and international diplomats that were invited by the Corporate council for Africa (CCA) to hear Africa’s richest man, Alh Aliko Dangote, and the President of  Rwanda, Paul Kagame, have an open conversation about the opportunities and challenges that Africa is faced with in the current movement to diversify African economies, at the headqaurters of global law firm.
In the case of Nigeria, being Africa’s biggest economy, Dangote had the following to say, “We should pray that oil prices remain low. This helps wean us off the dependency on revenues from petroleum. We must take oil to be the icing on the cake. We already have the cake.”


Dangote further told investors, “(With) agriculture, agriculture, agriculture, Africa will become the food basket of the world.”

Aside the agricultural industry, he mentioned Nigeria’s vast mineral resources and natural gas among sources of potential economic prosperity for the country and stated the need to produce more goods for domestic distribution and consumption, using the mentioned resources.

Dangote, after citing the need for substantial investments in the education sector, said specifically that five out of the 12 million jobs that are needed in Africa must soon be created in Nigeria.

Dangote had himself expanded his business from cement, sugar, as well as other household commodities, to fertilisers and other processed high-end goods.

“Technology, of course, helps us a lot and our factories are state of the art with the use of robotics but we shouldn’t be overly tech-oriented to create wealth,” he said to investors, advocating for the employment of human labour in accomplishing production.

Often being cited as one of the most inspiring business icons and leaders in the today’s world, as well as a model for young entrepreneurs, Dangote offered some advice to Americans who tend to rely on outdated news and wrong perceptions of Africa, telling them that things were no loner as they used to be. “Don’t be lazy. Go there and find the real story for yourself. Things have changed,” Dangote said.

In describing Rwanda, where he has some business interests, Dangote said that the country was an example of positive change, good government and leadership, and as an incorrupt nation.

He made reference to a personal experience that he his, when offering a $100 tip for service to a personnel at the Kigali Airport. According to Dangote, the worker refused to receive money fro work that he was being paid for. Dangote expressed that he was moved with the virtue and dignity in labour that the worker demonstrated and this had made a good impression about the country of Rwanda to him.

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