Nigerian recession has a simple solution according to
Africa’s richest man, Aliko Dangote. In an interview with CNBC, he has advised
President Muhammadu Buhari to embark on a wave of asset selling to boost the
recession-hit economy.
"I think the real challenge for us is now for us to
have the political will in terms of selling some assets such as the
NLNG(Nigerian Liquefied and Natural Gas) among others,” Dangote said.
"I think it’s an easier route than the IMF
(International Monetary Fund) or the World Bank to borrow money, because what
you need to do is actually to beef up the reserves."
Aliko Dangote made the statement before Nigeria’s
credit rating was downgraded to B from B+ by S&P Global Ratings on Friday.
"Nigeria’s economy has weakened more than we expected owing
to a marked contraction in oil production, a restrictive foreign exchange
regime and delayed fiscal stimulus," S&P said in a report on the downgrade.
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