socio-economic challenges facing the country

The present socio-economic challenges facing the country , from security concerns, political agitations, rising unemployment and fiscal management of the economy remains a small price we have to play to get the country on the right path; where more serious issues of investing in infrastructure on a wholesale manner to address our current deficits and our anticipated needs.

Speaking over the weekend with a group of entrepreneurs who paid him a visit at the Dangote Group headquarters, Alhaji Aliko Dangote, President of the Group of companies affirmed his conviction that more investments in the country; and from Nigerians will be needed – working together with the public sector to boost the Nigerian economy.

Dangote urged Nigerians not to be discouraged by the multi-faceted challenges currently facing the nation, saying they are necessary steps needed for the nation to rank among the best industrialized nations in years to come.

Recall that during a breakfast session with top management executives of the Nigerian media on the occasion of his 56^th birthday, Aliko Dangote had disclosed that his Group was almost through with preparations for the establishment of a refinery saying there is no alternative to the establishment of industries if Nigeria is to bridge the huge job gap/deficit it currently has; which from expert projections will continue to grow.

Indeed, the thrust of his informal exchanges during the session focused on such issues as gas or oil production in the light of threats from current consumers (local and international); projected population and the cost/crisis of feeding the population, creating inter and intra city/regional roads for commerce and regular commute, inadequate port services in need of expansion and modernisation, and a host of other challenges which in itself represents opportunities for local investors to go into and for government to create an enabling environment under which bids are awarded to financially and technically competent persons; even as government seeks to empower local firms to compete as was done by china for its firms.

Dangote, a member of the National Economic Management Team stated that the pre-occupation of his colleagues and what Nigerians need the most is to be economically empowered to fulfill their own role in the sovereign development value chain. According to him “it is only a working population whether in employment or in private business that can build an economically viable country and release the multiplier effect on the growing population”.

Continuing, he posited that “the economic development of the country rests more on the shoulders of the private sector operators and not on foreigners”.

“Which economy has bult self sufficiency by relying on someone from outside to help its build its capacity?” he asked.

Dangote noted that the situation in Nigeria is such that said everyone must accept responsibility and be accountable for Nigeria’s economic turn-around; and to make it a reality;

local investors should complement the efforts of the Federal government at ensuring the success of the economic agenda by being bold to exploit the unique opportunities now open to us all; if only to help empower fellow Nigerians through the jobs that would be created.

He promised that he would do all within his power to ensure that any investment he makes is job creation focused and urged other investors to do same for the nation to be where it ought to be 2020.

To buttress his position, Dangote referred to a report published last August by the renowned Global Consulting firm, McKinsey on the economic potentials in Nigeria and a host of other African countries.

Said he; “the McKinsey report is very instructive, it says that half of the 30 million jobs in African manufacturing offer wage paying employment, a higher share than most sectors. If current projections for manufacturing value-added growth hold, it is estimated that that the sector will create eight million more stable jobs by 2020.”

According to him the transformation agenda of the Federal Government will perfectly key into projection of the report if the private sector participate effectively in the economic turn-around measures.