Africa’s richest man, Aliko Dangote has advised President Muhammadu Buhari to commence massive asset selling to boost the recession-hit economy.
Speaking on CNBC Africa, Dangote said the major challenge for the country is to have the political will in terms of selling some assets.
“I think it’s an easier route than the IMF (International Monetary Fund) or the World Bank to borrow money, because what you need to do is actually to beef up the reserves.” Dangote said.
Meanwhile, Nigeria’s credit rating has been downgraded to B from B+ by Standard & Poor (S&P) Global Ratings.
According to S&P, Nigeria’s economy has weakened more than expected owing to a marked contraction in oil production, a restrictive foreign exchange regime and delayed fiscal stimulus.
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