President of Dangote Group, Aliko Dangote, don tok say Nigerians still dey pay high price for petrol even though large-scale domestic refining don start. He talk am for interview on Arise TV yesterday. According to am, local production no totally shield Nigeria from global crude oil price and market disruptions.
Dangote explain say refinery dey buy crude at prevailing market prices and sometimes dey pay significant premiums, so e no possible to sell petroleum products below sustainable market levels. When dem ask am about high petrol price, he say expensive na relative matter, because fuel price for neighbouring countries still higher than Nigeria. He talk say there is still plenty smuggling of the same petrol we produce to neighbouring countries because those countries about 30 per cent to 50 per cent more expensive than Nigeria.
He say refinery buy crude for as much as $124 per barrel in May, and add say we no fit go subsidise everything now. He still assure say Nigerians no need to worry. There will not be any shortage from our own side. There will be no queues, and we go make sure we keep satisfying the market despite all odds.
On Nigeria industrialisation challenge, Dangote point to high borrowing costs as major obstacle to new investments. He talk say e very difficult to industrialise with interest rates at 30 percent. He add say he no see the magician wey can industrialise a country with 30 per cent interest cost. He warn say without policies wey deliberately protect domestic investments, Nigeria fit struggle to attract another major refinery project. Under current things wey dey happen, especially downstream, he no see any new refinery in our lifetime. Government must protect productive domestic industries if e expect businesses to create jobs, generate taxes and deepen economic activities. If you import, what you dey do na you dey import poverty and export jobs wey you suppose create out of the country.
Dangote also identify inconsistent government policies and inadequate electricity as persistent obstacles to manufacturing. He declare say you cannot manufacture goods with diesel.
Speaking further, Dangote reveal say he don live in him current home for 36 years. He say he no plan to move because he comfortable there. He talk say once he come in in the evening, e difficult to take am out of him house.
The billionaire criticise spending habits of some wealthy Africans. He yab those wey dey acquire private jets without investing in productive ventures like factories. He talk say what he see na people now owning aircraft all over the place, flying all over, and dem no get one single factory. So e mean say dem no actually dey help grow the economy, and that must change. He say him priority na to use him wealth and business interests to contribute to industrialisation of Africa, and him biggest legacy na to help build productive capacity on the continent.
Dangote also talk say foreign investors dey increasingly interested in Africa but dem need large-scale investment opportunities wey can attract substantial capital. He talk say foreigners dey very interested now, dem want invest in Africa, but dem no get big-ticket items. Right now, dem don start to see big-ticket stuff, and dem go join. And we go join to develop our own continent, Africa.
On succession, Dangote say not having a son to inherit him business empire no be priority. He stress say him three daughters capable to take over Dangote Group. He believe one of him daughters fit eventually lead the conglomerate. When dem ask am whether he fit see one of him daughters taking charge of the group, he talk say yes, he fit see one of dem. He don dey watch all of dem, so he fit definitely see one of the three wey can actually lead.
Make we recall say Dangote daughters, Halima, Fatima and Mariya, hold senior positions inside the conglomerate, with their roles expanding as the group continue to develop succession structure. Dangote talk say their involvement in the family business na based on their personal interest, no be pressure from him. He talk say dem very, very interested in the business. He no dey force dem to come be part of the business. Dem interested, and dem enjoy it.
The billionaire and Africa richest man talk say he believe him daughters fit surpass him achievements and take the company to higher level. He talk say one of dem fit be better than am. He never expect to perform this much, but he sure say dem highly educated, so dem go be more creative. Most likely, dem fit even take the company to next level. When dem ask whether all three daughters capable to achieve this, Dangote reply say all of dem.
On whether he still hope to get son, especially with traditional expectations around male heirs in Kano, Dangote say e no important to am. He talk say sometimes you can pray make God give you son, but that son fit be the one to bring down the name of the family. Sometimes when God no give you something, no push. He talk say he no think a son would don do something better than the three daughters he get. That one, he think, no be him priority. He add say having male heir no necessarily guarantee say family legacy go preserved. God controls everything. For am, sometimes you can pray make God give you son, but that son fit be the one wey go tear down the name of the family.
However, Dangote say him broader succession plan no be just about transferring control of the conglomerate to family member, but to make sure the company dey professionally managed. He talk say he want this company to be run professionally. He want to get highest level of governance. He cite global companies like Microsoft and Apple as examples of businesses wey continue to thrive beyond their founders. He talk say dem want make sure say e very difficult for any family member to come and destroy anything. The businessman say him ultimate legacy na to contribute to industrialisation of Africa. He talk say what he want leave as legacy na to industrialise Africa. He cannot do am alone, but he 100 per cent sure say in next two or three years, other Africans go join.
