Aliko Dangote has prescribed ways through which Nigeria can get out of recession before the end of 2016.

In an interview with CNBC Africa, the billionaire said: “The only way for us to get out of this recession is to make sure we move into action quickly; action by diversifying the economy quickly.

Here are the details of Dangote’s prescription:

[b]SELL STAKE IN NLNG AND AFRICAN FINANCE COOPERATION

“If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organisation.

“What we need to do now in my own thinking… we have a lot of assets to sell. We can sell part of the joint venture; part of the shares. You know government normally owns 60 percent.

“We can sell in an open tender be it Chinese. We can change the term and make it an operating one, just like what we have in NLNG. We also have another asset I think we don’t really need.

“The African finance corporation; it can fetch them $800million easily. My own suggestion before was that they should even sell 100 percent of NLNG. I don’t think government should be in any business of investing in sectors of LNG.

“A company like that, with earnings of $1.5 billion on the average, they should get anywhere between $12 billion and $15 billion.”[/b]

SHORE UP RESERVES WITH NLNG SALE PROCEEDS

“You will not believe that the crisis that we have today, if we have $15 billion, adding it to our $25 billion, that is $40 billion reserves. That will give confidence, confidence will come back, then government will back it up with proper economic policy, where people can see the roadmap.

“Latest by fourth quarter we will be out of recession. It should be a partnership between government and private sector. We have all the answers, Nigeria falling into recession does not really scare me, if we take action.”

[size=15pt]NAIRA AT 250 TO THE DOLLAR[/size]

The businessman said if the government boosts reserves as suggested, the naira may fall to 250 to the dollar and help the economy.

“Once we can sell assets, and put $15 billion together, you’d be very shocked at how much the dollar will actually drop, you can easily see 250. What is happening today is mere speculation.

“To currency, everybody will speculate, banks will speculate, companies will speculate, individuals will speculate, because if you have money you want to send in from abroad you will keep sending in trickles.

“If you know that CBN has $40 billion in reserves today, if you have $100,000, you might even sell it forward because you know that this rate is going to crash and you must quickly sell it.”

OTHER THINGS WE LEARNT FROM DANGOTE’S INTERVIEW

•India has no oil, yet has over 2 billion tonnes in refining capacity

•Nigeria imports poverty and export jobs

•We do not produce up to five percent of the clothes we wear

•Government should not be in the business of building factories, but just collecting taxes

•China has more than 500 billionaires on the Forbes list and over three million millionaires

•If I have to build a road of 1,000 kilometres in Nigeria, I don’t have to waste years talking about it. I raise money and build it, and hand over to government after 20 to 25 years.

•If not for Dangote Cement, government will have to put down $2.5 billion dollars in 2016 to import cement.

•We need 65 million cubic metres of sand for Dangote refinery.

•Dangote Refinery mechanical completion will finish by 2018, but oil will flow into the refinery by first quarter of 2019.

Lalasticlala, Mynd44

blackpanda:
This man will soon own the whole nigeria. He wan buy everything then put us into monopolistic slavery

Businessideas:
We ain't selling NLNG. Rather bring in more competitors like government is doing with the refineries. Dangote isn't a saint when it comes to how we got into this mess. He's among the major financier of the pdp and got returns on his investment even at the detriment of the nation.
Our primary reason for getting into this mess was because GEJ government stole the nation dry and made no investment or saved up for the rainy day.

Businessideas:
We ain't selling NLNG. Rather bring in more competitors like government is doing with the refineries. Dangote isn't a saint when it comes to how we got into this mess. He's among the major financier of the pdp and got returns on his investment even at the detriment of the nation.
Our primary reason for getting into this mess was because GEJ government stole the nation dry and made no investment or saved up for the rainy day.

Adminisher:


This is one of the smartest posts I have read on Nairaland. Please keep it up. Selling government assets is the last tier on the FG's risk management policies. It is the last thing they will consider and only when all else fails. LNG market has fallen as well so we might not be getting good value at this time. We are lucky to have Buhari in office with strong core values, stubbornness and an independent point of view unlike the Dumbo who was not even aware of " himself " or his own core throughout his stay in office

jmichlins:
stop the blame will you please. I voted this administration to change things not blame anyone like Jonathan blamed North for BH which later cost him the seat. The past administration isn't stopping this one from cutting the presidential fleet and using them to hustle for forex now some airlines are leaving. The past administration doesn't stop this one from declaring their asset thereby showing that there has been new way of doing things. The past administration doesn't stop this one from ensuring the government investigate and prosecute corrupt officials in her folds especially those with choice properties in Dubai. The list is almost endless

idupaul:
Selling NLNG is a solution alright but one that will help the Federal govt in the short run and help Dangote and Co in the long run.

Businessideas:

I disagree sir.Truth is sacred and no amount of intimidation to stop us from putting the blame in the right quarters will stop us. How has blaming Jonathan stopped Fashola from getting the job done with electricity generation that has greatly improved, how come the blaming of GEJ didn't stop federal government building the trains, roads, paying salaries, getting MTN to pay the fine, arresting the economic saboteurs blowing our pipeline,curtailling Boko Haram like the last sallah we had no bombing,among the great job the current administration is doing?
Everywhere we turn is a sad obscene reminder of the locust years of GEJ. We and the current leaders will blame and blame the corrupt administration of GEJ,GEJ himself and his generation of corrupt political/military appointees. This is posterity judging them harshly and it will be a deterrent to others who may want to toe the dishonorable path of GEJ to remember that we will never forget their ills.It is in the interest of those killed by the corruption of the last GEJ administration that we hold GEJ accountable. Truth can not be hidden.

jmichlins:
keep blaming until 2019 and we vote you out

Jesusloveyou:
we only want ur ineffectual buffoon to just return our money he met in reserve, if $47b was stil in reserve, u ipod wouldnt have be making noise.

Businessideas:

I disagree sir.Truth is sacred and no amount of intimidation to stop us from putting the blame in the right quarters will stop us. How has blaming Jonathan stopped Fashola from getting the job done with electricity generation that has greatly improved, how come the blaming of GEJ didn't stop federal government building the trains, roads, paying salaries, getting MTN to pay the fine, arresting the economic saboteurs blowing our pipeline,curtailling Boko Haram like the last sallah we had no bombing,among the great job the current administration is doing?
Everywhere we turn is a sad obscene reminder of the locust years of GEJ. We and the current leaders will blame and blame the corrupt administration of GEJ,GEJ himself and his generation of corrupt political/military appointees. This is posterity judging them harshly and it will be a deterrent to others who may want to toe the dishonorable path of GEJ to remember that we will never forget their ills.It is in the interest of those killed by the corruption of the last GEJ administration that we hold GEJ accountable. Truth can not be hidden.

lalasticlala:
BeeBeeOoh this your colour riot is too much oo