Nigeria needs 50 Dangotes, Otedolas, and BUAs to compete with other economies, says Senator


Africa’s largest economy needs 50 Dangotes, 50 BUAs and 50 Otedolas to compete around the world.
Senator Wadada disclosed this during the Senate screening of Dr. Cardoso for possible confirmation as the next CBN Governor.
Monopoly has long been a hindrance to Nigeria's rapid economic growth.
A Nigerian Senator has said that Africa’s largest economy needs 50 Dangotes, 50 BUAs, and 50 Otedolas to compete with other economies around the world.



He disclosed this during the Senate screening of Dr. Cardoso for possible confirmation as the next CBN Governor.

Senator Ahmed Wadada Aliyu explained that Nigeria possesses significant human capital potential, and additional policies are needed to facilitate growth and development.

He explained that there were two areas he wanted to address, with one being the issue of monopoly.


“Monopoly stifles growth and development. What is your team ready to do in collaboration and synergy with your colleagues on the fiscal side to ensure that monopoly is done away with in the system?”

“Because of Nigeria's potential, we are supposed to have nothing less than 50 Dangotes competing around the globe, 50 BUAs, 50 Otedola, and more,” he said.

He argued that any developments in this matter are primarily associated with the central bank, which serves as the central core in collaboration with the fiscal sector of the economy.

Monopoly has long been a hindrance to Nigeria's rapid economic growth.

Some business magnates, including Aliko Dangote, Femi Otedola, and Abdul Samad Rabiu, recognised as three of Nigeria's most prominent billionaires and industrialists, controlling the cement, food manufacturing, and power sectors have been faced with allegations of enjoying certain economic advantages that would typically not be accessible to other business players.

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In the cement industry, high cement prices are linked to a perceived monopoly involving three major players: Dangote Cement Plc, the BUA Group, and Lafarge Africa Plc. Nigeria has the resources and manufacturing capacity to provide cement to its citizens at much lower prices, but prices remain high.

Nigerian cement manufacturers recently warned that the price of cement will hit $12 due to FG’s plan to introduce concrete roads. The association believes the rising cost of the commodity won't come down if the government fails to address the chains of monopoly in the sector.

According to the report, Dangote’s business empire owes much of its success to governmental support, including waivers and subsidies in foreign exchange. In his most recent venture, the massive Dangote Refinery and Petrochemicals, the Nigeria National Petroleum Company Limited (NNPCL) holds a 20 per cent stake.

In developed economies such as the United States and the United Kingdom, antitrust laws are established to encourage fair competition and deter the accumulation of market dominance.

Wadada also advocated for the inclusion of the informal sector into the mainstream of the economy.



He also proposed that 60% of the population, primarily comprising youth, should be incorporated into the mainstream of the economy to facilitate Nigeria's economic growth.


https://africa.businessinsider.com/local/markets/nigeria-needs-50-dangotes-otedolas-and-buas-to-compete-with-other-economies-says/kjgypky

A new richest man in Nigeria will soon emerge in this new administration. Dangote will go down to the second or thrid.

Watch this.

benuejosh:
A new richest man in Nigeria will soon emerge in this new administration. Dangote will go down to the second or thrid.

Watch this.

Make yourself the one.

No oooo.
Nigeria only uses unproductive, illiterate, local champions who belong to CULTS!

T

General wealth is better than few individual wealth

benuejosh:
A new richest man in Nigeria will soon emerge in this new administration. Dangote will go down to the second or thrid.

Watch this.

Useless opinion... then it should be the federal republic of dangote, buas & otedola's

We have them.
It’s just that stolen money can’t be invested at home to avoid any spotlight or embarrassment/prosecution for corrupt enrichment.

We already have billionaires.

jmoore:


Make yourself the one.

flesh and blood has not revealed this to you. When it happens, destiny will take its course. We will meet and you'll benefit so much. The power of positive statements.