Africa’s Richest Man: Oil Is Not The Way Forward

Jon Alternative Media, Blogosphere, Economy, Energy, Geopolitics, Market Commentary

The richest man in Africa says crude oil prices would do Nigeria a favor if they stay lower for longer.
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Last week at the UN General Assembly, Nigerian billionaire Aliko Dangote, whose main business is in cement but also holds interests in agricultural commodities and petrochemicals, said that agriculture – not crude oil – is the way forward for Nigeria, and that Africa ‘will become the food basket of the world.’
The latest economic data from Dangote’s home country tend to support his view. GDP grew by 0.55 percent in the second quarter of the year, which, although a meager growth rate, was welcomed because it signaled Nigeria’s exit from the recession that it plunged into due to the oil price crash.

This post was published at Zero Hedge on Sep 26, 2017.