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President of Dangote Group, Aliko Dangote has challenged graduates of the National Institute of Policy and Strategic Studies (NIPSS), Kuru near Jos to think out ways of contributing meaningfully to the present efforts to diversify the economy.
He explained to them that having come from leading policy formulation body in the country, their input remain very critical to the economy.
Dangote throw the challenge in a lecture titled “Promotion of Local Manufacturing and Poverty Reduction in Nigeria: The Private Sector Experience and Policy Options” for senior executive course S.E.C.38 of the National Institute.
He submitted that Nigerian ‘think tank’ should consider stepping up research activities with the view to creating comprehensive economic policies for the government that are bench-marked against best practices and success stories of countries with similar history and challenges.
He charged NIPSS to play a leading role in this change process, by coming up with deliberate policies that will enable entrepreneurs to flourish in Nigeria, stressing that the country needs local entrepreneurs who are bold enough to invest their resources despite the risk and challenges of doing business in Nigeria.
According to him, government should continue to provide an enabling environment for private business to thrive, adding that they should take the back seat and allow the private sector to drive the economy, adding “this is how countries develop their economies.”
“Perhaps the biggest challenge facing entrepreneurs in Nigeria today, has been the epileptic power supply. It is estimated that over 30 percent of the overhead costs of business in the country go into the provision of alternative sources of power. This affects their revenue and profitability.
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