Dangote reveals how much Nigeria needs to revive Economy
Labels: National News
Nigeria needs $15 billion from asset sales and borrowing to revive a slumping economy and boost foreign reserves, according to the President Chief Executive, Dangote Group, Aliko Dangote.
Nigeria’s economy, battered by low oil prices and a dearth of foreign investment, is set to shrink in 2016 for the first time in 25 years, according to the International Monetary Fund (IMF), which forecasts a 1.8 per cent contraction.
The country’s foreign reserves have fallen by more than a third since the end of September 2014 to a more than 10-year low of $24.8 billion. The naira has fallen almost 40 per cent against the dollar this year. President Muhammadu Buhari’s government is trying to spend a record budget of N6.1 trillion to stimulate growth.
The country plans to raise about $4.5 billion of concessional loans and Eurobonds this year to help pay for its spending plans.