What are economic policies made for? They are made in order to ensure a level of ease and understanding in both local and international businesses as it affects a nation and its people.
Africa as a whole ideally should make policies that will stand the test of time and ultimately be good for the people. They are the ones who directly bear the brunt when things go wrong and businesses begin to crumble. A nation like Nigeria has for one seen the effect of oil & gas monopoly in the economy.
During the tenure of the past Nigerian President, Goodluck Ebele Jonathan, there was a visible upsurge of private and small-scale businesses. It is surprising how everybody was plunging into the almighty oil business, yet a Nigerian non-oil conglomerate produced Africa’s richest and the richest Black man alive at the moment.
Dangote’s early success is undoubtedly attributed to his Dantata uncles who set the pace in lucrative business and he followed. The billionaire confirms that the set policies of the past administration benefited him as well.
“As you all know, without good policies of government, there is no way a person like me from a big town like Kano can rise from a humble beginning to become the 25th richest person on earth… Without the policies of the president and also making sure that there is consistency in the policies of the government, this could not have happened,”- Aliko Dangote
Dangote had said this during an official occasion in Kenya. He boldly states that the economic policies implemented during the time of GEJ laid a fertile ground for his businesses. Up until this year, Dangote has been 25th richest man in the world according to Forbes. Dangote says the secret of that milestone achievement was the favourable Economic policies in Nigeria.
It is not in doubt that the tenure of GEJ boosted the Nigerian private sectors. He had made this a deliberate intention since there was no way the developing country’s government could successfully provide massive employment for the people. The private sectors had to be empowered. That way skills and talents are harnessed, developed and not allowed to waste away.
So if we have Africa’s richest man attributing his towering success to GEJ’s economic policies, then it means there is a possibility that some other small-scale businesses have equally made break-through’s from them. And as a lesson for other nations, well laid out economic policies might be the answer to empowering the economy.