President of Dangote Group, Aliko Dangote, has assured that there will be light at the end of the tunnel with efforts being made by the Federal Government to develop other sectors of the economy long neglected in favour of oil.
Dangote, speaking with members of the business community who paid him a visit in the spirit of Eid-Fitri, said the situation the nation was passing through was as a result of years of over dependence on oil to the detriment of other sectors, and that with the crash of oil price the nation’s receipt also crashed leading to the paucity of funds.
He said, however, the nation would come out strong from the economic quagmire given the present government’s diversification moves, which will not only reposition the country as a producing nation but also with many sources of revenue, which on the long run would impact on the people positively.
He however cautioned that the turn around could not be automatic, saying, “it will take time, but surely better life will come. We just have to be patient and do our own bit because government alone cannot do it.”
He also advised the state governors to take advantage, just as the Federal Government had commenced process of diversification at the national level, noting, “I believe this is the best period in the history of our country to actually diversify our economy, rather than seeing the current happenings from a negative perspective.
“It was under this same kind of situation that countries like Brazil, transformed their economies, and today they have become one of the leading economies in the world.
“We are luck that the glut we are talking about only affects the oil sector, and does not affect commodities which we have the capacity to export in the agriculture sector.”
