The richest African alive and also president of Dangote group, Aliko Dangote has predicted that his business estate would start selling foreign exchange to the Central Bank of Nigeria by 2020.

Speaking at The Nigeria Summit hosted by The Economist, Dangote stated that the problems facing the Nigerian economy should not be blamed on the dwindling price of oil, as the same oil traded for $9 per barrel in 1998.

He also said that by 2018, his company should generate about 12,000 megawatts of electricity for Nigeria by 2018.

He said: “We are looking at a situation that by 2020 we are the one selling FX to CBN. Our projects are mainly import substitution. We are working to be self-sufficient to grow about a million tonnes of rice over the next five years.”

“Our gas project would have our gas pipelines on the sea bed. The output should be able to provide about 12,000MW power. We see a lot of transformation when we are done with most of our projects by 2018.”

“We have 15 countries in the ECOWAS community that is duty-free. Export market is big and profitable if you have capacity. Players in the manufacturing should be encouraged to export if they have the capacity. We must also meet local consumption.”

He also charged the government not to forsake the diversification of the economy even when the price of oil bounces back to normal.

“Diversification of the economy should be given priority, if we do not do it now, maybe we never will. People sometimes underestimate the economy of Nigeria by simply looking at the FX situation.”

“Lower oil prices does not spell doom. In 1998 oil price fell to $9. There are opportunities in every ‘crisis’ situation. Once oil gets back to $80, we forget about diversifying the economy. Now is the time to diversify the economy.”

http://www.metronaija.com/2016/03/dangote-to-generate-12000-megawatts-for.html

cc: lalasticlala

That would be nice.

Story for the gods

kool but kindly leave politicians and their fronts out of this venture.

What a welcome development.

And we should take this serious after many proclaimations and the associating failures?!

Abeeegiiiiiii

Na this kind person they bite us and at the same time blow us breeze.

He is part of our problem ....

This man has shown how easy it is to be successful in Nigeria.... all his investment are the obvious and simple things anyone with money should do

Ride on bro am coming

Oil and Gas as always, why not gold, barrette and other minerals littered in every State of the Federation

God bless me and lift me up that i will be amazed by my success.

Wake up day dreamer,PDP will not be in power by 2018, and you will have enough competetor 2018,cos Nigeria too will not be waiting for you,we are moving forward with or without you,.....what ve you realy being doing Mr richest man before now......"Beger His Country Men"

lwisee:
Abeeegiiiiiii

Na this kind person they bite us and at the same time blow us breeze.

He is part of our problem ....

I always sing it but many see it as bad belle. This man is 30% responsible for our economic woes since from obj's regime.
Gradually buying nigeria over.

In all fairness " I really don't want you anywhere near Nigerian politics."

Where is the apparatus to transmit the 12 GigaWatt?
He should be ready to float his own country in order to build transmission lines and have people use his generated power.

Funny enough, i just finished reading how india is getting solar power at less than N20 per KiloWatt-Hour. Nigeria is still trying to make the suffering customers mercy-pay or mercy-fund power plants and transmission lind projects.

Standing5:
Where is the apparatus to transmit the 12 GigaWatt?
He should be ready to float his own country in order to build transmission lines and have people use his generated power.

Funny enough, i just finished reading how india is getting solar power at less than N20 per KiloWatt-Hour. Nigeria is still trying to make the suffering customers mercy-pay or mercy-fund power plants and transmission lind projects.

Well said! The problem right now isn't so much one of generation (although the pipeline vandalism isn't helping) as the poorly maintained national grid that all the gencos must work with. What magic is Dangote going to do to get around that?

I saw the same article that you mentioned on CNN. If the Indians have managed to get solar power to be so affordable, then that seems to be the ideal solution for Nigeria as well. The key issue will be whether operators are allowed to operate their own mini-grids, so they can spread their fixed costs over many customers, or whether they will be forced to feed their power into the same national grid that can't even handle the current power generation.

Selling Nigeria to the Hausa's since independence

It seems this man is the one that will save the nation.

I have argued that the top two requirements in this nation are 1. refineries that can meet all of the nations and even surpass the local need to meet export 2. Power supply that will stimulate SMEs growth and big industries.

Funny enough, a single private hand has set his eyes on achieving that by 2018.

I disagree with his claim that oil price was not the man reason for our forex woes, his argument is like saying he was stable earning 90,000 naira in 1998, and so should not be unstable in 2016 cos he earns 350,000naira .

Dangote failed to account sharp increase in forex demand in the last 18 years, time value of money, increase in population, increase in middle class population . local demand of oil derivatives in 1998 vs 2016, refineries output in 1998 vs 2016. e.t.c

It is too risky allowing just one man to have such enormous stake in the economy of a nation. We need to be careful what we allow some of these big timers do.

Leave the word 'will' for politicians.

Trut:
Story for the gods

by 2018 his refineries should be up n running so he would need stable electricity supply that's why he's setting this up
it's gonna affect u, me & the next man directly or indirectly
it's possible bro Nigeria can be great & self sufficient again

omohayek:


Well said! The problem right now isn't so much one of generation (although the pipeline vandalism isn't helping) as the poorly maintained national grid that all the gencos must work with. What magic is Dangote going to do to get around that?

I saw the same article that you mentioned on CNN. If the Indians have managed to get solar power to be so affordable, then that seems to be the ideal solution for Nigeria as well. The key issue will be whether operators are allowed to operate their own mini-grids, so they can spread their fixed costs over many customers, or whether they will be forced to feed their power into the same national grid that can't even handle the current power generation.

My take on this matter is simple. Lets encourage him to give us the 12000MW now, when you bring the N20 Indian model, we also grab it. 60% of our economic crisis today can be attributed to poor power supply.
We don't have to put Dangote supply on national grid that is not ready for it. Perhaps we can ring-fence Lagos-Ogun Industrial axis to take it. What that implies to me is that we can also ensure uninterrupted power supply if 50% of Dangote MW is discharged for industrial use just like Geometric has ring-fenced Aba. Egbin and national grid will take care of domestic users or combined.
Now imagine if all businesses in Lagos- Ogun axis don't have to worry about power supply which is also affordable. Nigeria economy will be transformed within a year. Does that not call for excitement?

DANGOTE RIDE ON JARE!

https://www.youtube.com/watch?v=IKO1L2iGxAQ

Nigeria to ramp up electricity generation to 12,000 megawatts

well Dangote keep telling us that it is easy to succeed in Nigeria, if it is easy then why did he not ask the thousands of under paid labourers working in his factories to go out and become big CEO'S like him. to make it you need to work hard. if not then you may never taste success.

lwisee:
Abeeegiiiiiii

Na this kind person they bite us and at the same time blow us breeze.

He is part of our problem ....

Can you break down to me point by point how Dangote is part of your problem?

omenka:
It is too risky allowing just one man to have such enormous stake in the economy of a nation. We need to be careful what we allow some of these big timers do.

Hyundai of Korea started that way and was very instrumental in the development of South Korea. I don't think there's anything to worry about as long as the government is alive to it's responsibilities.

The problem is the word 'to' in the headline