Dangote Offers Tips On How Nigeria Could Diversify Its Economy

Africa’s richest man, Aliko Dangote, has identified Nigeria’s large domestic market as an incentive to import substitution and diversification of its economy.

The business mogul says with the size of Nigeria’s domestic market, focus should be on import substitution, economic diversification and industrialisation.

Dangote, speaking in Abuja at the round table parley with the CBN Governor, Mr. Godwin Emefiele, explained that the Asian tigers focused on exports because of the size of their markets, hence they produce for outside markets.

The focus, according to Dangote,will provide for the large domestic market and reduce the huge import bill which stood at 47 billion dollars as at 2019.

 

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