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Published On: Sun, Oct 26th, 2014

Africa can hit 7% growth, if power is fixed – Dangote

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DangoteBy Etuka Sunday

The President of Dangote Group and the richest man in Africa, Aliko Dangote said the Continent of Africa has the capacity to increase its growth rate by 7% if power is fixed.

He described Africa as a blessed country with numerous natural resources, saying that what it needs now is trade both within itself and with the international communities, since the continent is the most blessed, among other continents of the World.

” If we can take care of the infrastructure, mainly power, we can hit a growth rate of 7 per cent…The future is bright because we have what it takes to really get to the next level, we have the best land and of course water, we have all the resources countries like China and others are looking for within Africa in abundance…We really don’t need Aids anymore in Africa, what we need is Trade”

Dangote urged developed countries to promote investments in Africa rather than providing Aids for the continent. He argued that through investment in the real sector the continent can achieve real growth and development.

He explained that most people do not seem to know much about Africa, but have only a notion of the continent that is based on history or hearsay.

He enjoined the western nations not to “give any more aid to Africa” but to partner with businesses there and invest.

He said “You will make money and we’ll make money and it’s better for everyone, and the continent will experience real growth and development”

Dangote who has investments in more than 14 African countries acknowledged that business risks exist in Africa but are no major consequences.

According to him: “Before, there was the risk that governments might nationalize assets but now we have investment agreements in the country that says if it does get nationalized, they’ll have to pay us”.

Dangote argued that few people know much about Africa and instead rely on historical information or hearsay for its facts. “I am not saying it is as good as elsewhere but investment in the continent comes with almost the highest ROI in the world.

 

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