Today, several businesses and economic systems in the world are in crisis mode. Mode Media, an American unicorn that was valued at over $1bn as of last year recently closed its doors. Nigeria is one of those countries which is presently in a recession.
Aliko Dangote, Africa’s richest man, gave an interview to CNBC during which he mentioned a couple of tips that can save Nigeria’s economy. He has used these tips in his own business, so it’s right to say entrepreneurs in general and multi-nationals in particular can use these tips to save their businesses.
If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organisation.
We can sell in an open tender be it Chinese. We can change the term and make it an operating one, just like what we have in NLNG. We also have another asset I think we don’t really need.
Once we can sell assets, and put $15 billion together, you’d be very shocked at how much the dollar will actually drop, you can easily see 250. What is happening today is mere speculation.
To currency, everybody will speculate, banks will speculate, companies will speculate, individuals will speculate, because if you have money you want to send in from abroad you will keep sending in trickles.
Latest by fourth quarter we will be out of recession. It should be a partnership between government and private sector. We have all the answers, Nigeria falling into recession does not really scare me, if we take action.