CONSUMER CREDIT FACILITY IMPORTANT IN THE FIGHT AGAINST CORRUPTION

By Godson Ikiebey-

President of the Dangote Group, Aliko Dangote, has said that the availability of consumer credit facility is an important option in fighting corruption in the country.

He said this on Saturday, June 8, 2019 in Lagos at a consultative roundtable titled, “Going for Growth” with some economic stakeholders.

According to him, the Central Bank of Nigeria (CBN) and commercial banks should develop consumer credit products to encourage low-income earners to engage in loan taking.

He identified a lack of policy implementation as the biggest challenge in the country. He said:

“How do you have economic growth without power? So, no power, no growth because without power there can’t be growth.

“Egypt increased its electricity by 10 gigawatts, which is equivalent to 10,000 megawatts in 18 months.

“In Nigeria, we have been struggling for 18 years without adding 1,000 megawatts and we have spent about three times above Egypt, why?

“So, I think we all need to be concerned about that”.

He advised that the country needed to promote import substitution for foreign exchange accumulation through proceeds from exports.

Dangote also called for a public-private partnership to boost the non-oil sector of the economy. He added that Nigerians should invest in the development of the non-oil sector which had been left in the hands of foreigners. He said:

“Government need to encourage non-oil sector growth rather than depending on proceeds from crude oil to pay salaries.

“Proceeds from crude oil sale should be for major investment in the country”.

He urged the federal government to improve more on the power sector.

According to him, “no business will thrive with business owners generating powers themselves”.

He went further to say that all stakeholders must come together and support the government in finding a solution to power challenges in the country.

Apart from power, Dangote suggested that government focuses more on three areas which include finance, manufacturing and agriculture.

He said that the Asian Tigers concentrated on these three sectors for them to be where they are.

He further urged the government to focus more on the fiscal policies for the country to move to the next level.

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