Dangote: Nigeria Cannot Industrialise with 30% Interest Rate, Power Deficit

Aliko Dangote, Africa's richest man, has stated that Nigeria cannot industrialise with a 30% interest rate and inadequate power supply. He warned that without federal government protection, no new refinery may be built in his lifetime. Dangote projected that his refinery will become Africa's biggest firm within three years. He also revealed that his textile business collapsed due to dumping by Chinese and Indian imports, and that his biggest business risk was staking all assets on the refinery. He said he cannot subsidise fuel amid rising oil and shipping costs, and that he plans to hold annual general meetings in stadiums to prioritise small investors.

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