Nigeria still the number one economy in Africa, says Dangote – The Cable

Aliko Dangote, Africa’s richest man and president of Dangote Group, says Nigeria remains the number one economy in Africa.

Earlier on Wednesday, news broke that South Africa had overtaken Nigeria as Africa’s biggest economy, but Dangote remains resolute that Nigeria’s place has not yet been usurped.

Dangote, who spoke at the Lagos Chamber of Commerce and Industry 2016 presidential policy dialogue session, said the problem with the economy did not start with this current administration.

According the International Monetary Fund figures, Nigeria’s economy is now worth $296 billion, while South Africa’s economy is $5 billion ahead with $301 billion.

In naira terms, the economy has not changed significantly, but due to the plunge in the local currency from 197/$1 to 310/$1, the economy is seen to worth much less in dollar.

Dangote, a strong believer in the Nigerian economy, has been able to build the biggest indigenous conglomerate in West Africa in the Nigerian economy.

He has built, in the Nigerian economy, the biggest cement company in sub-Saharan Africa, and the second biggest sugar refinery in the world.

Dangote, who ranks 110 on the global rich list, moderated the presidential policy discussion, which was attended by Vice President Yemi Osinbajo and Udo Udoma, minister for budget and national planning.