Economic Recession: S&P Downgrades Nigeria’s Credit Rating

Dangote . Aliko Dangote on CNBC

Aliko Dangote Advised Nigerian Govt Before S&P Downgraded Nigeria’s Credit Rating

The richest man in Africa, Nigerian-born billionaire, Aliko Dangote, told American network, CNBC on the CNBC Africa on Friday that a wave of asset selling by the federal government could be the best way to boost Nigeria’s recession-hit economy . . .

The Nigerian billionaire Aliko Dangote told CNBC that a wave of asset selling by the the Nigerian federal government could be the best way to boost Nigeria’s recession-hit economy.

Dangote spoke to CNBC Africa, an American basic cable, internet and satellite business news television channel before Nigeria’s credit rating was downgraded to B from B+ by Standard & Poors (S&P) Global Ratings on Friday. However, Dangote is optimistic that Nigeria would exit recession in the fourth quarter of this year.

During the CNBC appearance, Aliko Dangote said inter alia:

Dangote . Aliko Dangote on CNBC

“I think the real challenge for us is now for us to have the political will in terms of selling some assets. 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.

If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organization”

 – Aliko Dangote, Chairman Dangote Group

Aliko Dangote is worth $12.5 billion and is the richest man in Africa, according to Forbes.

MBR | Aliko Dangote advises Nigerian government to sell assets to boost economy
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Economic Recession: S&P Downgrades Nigeria’s Credit Rating