The President of the Dangote Group, Aliko Dangote, says the availability of consumer credit facility is an important option in fighting corruption in the country.
Mr Dangote said this on Saturday in Lagos at a consultative roundtable titled, “Going for Growth” with some economic stakeholders.
He said that 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 also identified a lack of policy implementation as the biggest challenge in the country.
“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.”
Mr Dangote advised that the country needed to promote import substitution for foreign exchange accumulation through proceeds from exports.
He called for a public-private partnership to boost the non-oil sector of the economy and added that Nigerians should invest in the development of the non-oil sector which had been left in the hands of foreigners.
“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 added.
He urged the federal government to improve more on the power sector, saying “no business will thrive with business owners generating powers themselves.”
Mr Dangote said that all stakeholders must come together and support the government in finding a solution to power challenges in the country.
Apart from power, Mr Dangote suggested that government focuses more on three areas which include finance, manufacturing and agriculture.
According to him, 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.
The business mogul said by next year, the country would have exported eight million tonnes of cement to African countries from the present six million tonnes.
Mr Dangote added that Nigeria would also be the biggest exporter of fertilizers in Sub-Sahara Africa.
￼Also speaking, the Chairman of Zenith Bank Plc, Jim Ovia, noted that government policies had supported the production of petroleum, cement and fertilizers.
Mr Ovia commended the government on broadband penetration in the country, saying it had boosted banking activities.
He supported Dangote on the need for consumer credit and said banks were doing their best on it.
Mr Ovia, however. noted that the process had been slow because of the challenges associated with people given accurate data for Know-Your Customers (KYC) process.
￼Also, the former Managing Director of Stanbic IBTC, Peterside Atedo, urged the CBN to continue with the effort taken in reducing inflation rate from 18 per cent to as low as 11.37 per cent as at April 2019.
Mr Peterside said the CBN should use the same pace to bring the country’s inflation rate to a single digit.
Governor Ifeanyi Ugwuanyi of Enugu State has issued a Proclamation for the inauguration of the 7th State Assembly on June 10.
The 1999 Constitution of the Federal Republic of Nigeria Section 105 Subsection 3 (as amended) provides that the governor will have to issue a Proclamation letter before the State Assembly holds its first session.
The letter signed by the governor entitled, “Proclamation for the Holding of the First Session of the Seventh Assembly of Enugu State House of Assembly”, and dated June 6, 2019, said that the session will hold at 10 am in the Enugu State House of Assembly complex.
The letter reads: “Whereas it is provided in Section 105 Subsection 3 of the Constitution of the Federal Republic of Nigeria, 1999, as amended, that the person elected as Governor of a State shall have powers to issue a Proclamation for the holding of the First Session of the House of Assembly of the State concerned immediately after his being sworn in.
“Now, therefore, I, Rt. Hon. Ifeanyi Lawrence Ugwuanyi, the Governor of Enugu State of Nigeria, in exercise of powers bestowed upon me by Section 105 Subsection 3 aforesaid, and of all powers enabling me in that behalf, hereby proclaim that the First Session of the Seventh (7th) Assembly of Enugu State House of Assembly shall hold on Monday, 10th June, 2019 at 10am in Enugu State House of Assembly.
“Given under my hand and the public seal of Enugu State of Nigeria at Enugu, this Thursday, 6th Day of June, 2019”.
- A new line-up of programmes has been announced for GOtv subscribers.
From Friday, 7 June till Tuesday, 11 June, GOtv will make available to subscribers thrilling telenovelas, movies, documentaries, sports, kids and general entertainment programmes.
Viewers will be treated to another exciting episode of Mahek. A young girl from Delhi was raised by aunt after the death of her parents. Her love for cooking is tied to her mother’s memories. She aims to fulfil her ambitions but struggles through the difficulties of life (showing on Saturday, 8 June at 8pm on Zee World).
Also on offer is the intriguing telenovela False Identity. Augusto is taken to the hospital in an ambulance after losing a lot of blood. Joselito opens up to Topo about his plan to escape to Costa Rica (showing on Tuesday, 11 June at 9pm on Telemundo).
A young boy goes missing and the mother blames a black man living in the projects. A black police detective must solve a strange case and deal with racial protest. How is this mysterious case resolved? Catch all the details on Freedom Land (showing on Friday, 7 June at 8pm on BET).
Sci-fiction lovers will be treated to a spectacle in Divergent. Set in a futuristic world where society is divided into factions, Tris is confused when she discovers her true destiny. She decides to break the rules of her harsh society (showing on Tuesday, 11 June at 3:40pm on M-Net Movies Zone).
Quality African entertainment is not left out for viewers as the drama continues on the epic local series, Halita. A young girl has to face a new life filled with drama as she resides with a powerful family in the city after fleeing her village and a crooked suitor (showing weekdays at 7pm on Africa Magic Family).
Married couples have the opportunity to learn about the complexities of marriage as a marriage counselor relives her life issues through the young couples that come to her for counselling in Things I Hate About You (showing on Sunday, 9 June at 7pm on Africa Magic Family).
The kids can enjoy the weekend with shows such as Cousins for Life. This show centres around 12-year-old cousins, Stuart and Ivy, who come from very different backgrounds and learn to navigate life under one roof with their families (showing on Sunday, 9 June at 7:30am on Nickelodeon).