Business

Aliko Dangote suggests ways to enhance growth

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Africa’s richest man and President of Dangote Group, Aliko Dangote, on Tuesday said a joint effort between African governments and private sector to tackle power deficit remained a key element in boosting the continent’s economies.

Dangote, who spoke at the World Economic Forum holding in Davos, Switzerland, highlighted his efforts at contributing to lightening the continent starting from Nigeria.

He was one of the panelists at a discussion on closing the power gap in Africa.

The businessman also advised African governments to imbibe policy consistency and avoid policy summersault, which often scuttled the business plan of investors and discouraged others from investing in the sector.

Other panelists at the discussion include the President of African Development Bank, Mr. Akinwunmi Adesina; Deputy President of South Africa, Cyril Ramaphosa; and Special Representative of the United Nation, Rachel Kyte.

Dangote said government must galvanese the private sector in the provision of stable power in Africa “and that at the end, it will be a win-win situation because when power is available, a lot of people will put to work and government revenue will also increase”

Adesina said his organisation, as a multi-lateral funding agency, was tired of seeing Africa in darkness and had gone into several funding interventions to ensure African countries come out of darkness fast, stressing that lack of power was a major impediment to the growth of the African economy.

According to him, the power sector in Africa is in need of massive reform and that the private sector, the government and the multilateral funding institutions should come together to effect it.

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He stated that the AfDB was ready to lead in the task.

While urging Nigeria to diversify the power mix as suggested by the South Africa deputy president, Adesina disclosed that Africa would need to inject between $45bn and $50bn to take her out of darkness.

Meanwhile, the United Bank for Africa Plc said it was being strongly represented at the annual meeting of the WEF in Davos.

In a statement on Tuesday, the lender said its Chief Executive Officer, Mr. Kennedy Uzoka, lead a senior executive team to the forum.

According to the lender, the team will interact with global business and political leaders during the event to foster future growth of the bank.

Uzoka said, “The event will provide a forum for the UBA to build engagement with international institutions. Despite the strong economic headwinds across Africa currently, the bank is committed to increasing its pan-African footprint. Its strengths in corporate banking, payment technology, trade finance, and its millions-strong customer base make the UBA a natural partner for global businesses focused on the African opportunity.”

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