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Dangote raises fears, says oil won’t rise to $80 per barrel again

President of the Dangote Group, Alhaji Aliko Dangote, has said he supports a low crude oil price regime so that the ongoing drive to diversify the economy will not be dashed.

Speaking at a forum in Abuja, Dangote stated that “We need to be very serious. People who are hoping that crude oil is going to go back up to around $70 and $80 per barrel, it is not just going to happen. There is so much oil everywhere and I think, at $53 per barrel, it is a temporary measure.

“If crude oil gets to $90 per barrel, none of us would talk about recession again; we would go back to our normal ways. For us to go through this long haul of low oil price would help push us into the real sector which is agriculture, construction and all others.” He said.