Yemi Osinbajo, vice president, has described the Dangote Group as a ‘game changer’ to the Nigerian economy. Speaking at the recent Nigerian Economic Summit, NES, said the: “Dangote Group is an example of a game changer private sector that has been supporting the economy in many areas. Once the Dangote refinery comes on stream, it will help with the forex issue and create jobs for our people.”

The vice president, who was referring to the ongoing construction of the Dangote Refinery with the capacity to refine 650,000 barrels a day, said the government is proud that a Nigerian company has undertaken to construct such a gigantic refinery and the largest in the world. He explained that the Muhammadu Buhari government has a ‘very clear policy and objective,’ even as he urged Nigerians to have confidence in the government change mantra.

President Muhammadu Buhari who earlier noted that the private sector was key to his administration, said that the theme of the 22nd summit: ‘Made in Nigeria,’ was apt in view of the need to look inwardly and support local manufacturers.

Kyari Bukar, chairman of the Nigerian Economic Summit Group, NESG, who commended the Dangote Group for its sponsorship, said the private sector was the engine of the economy and that it was time to diversify to other sectors. He said the summit: “Is an opportunity to tell ourselves the bitter truth and swallow the hard truth.”

Udoma Udo Udoma, minister of Budget and National Planning, said the government, as a regulator was not only interested in policing the private sector but providing the enabling environment for local businesses to thrive. “We concede that the private sector is the true engine of growth,” he added.

Doyin Salamii, an associate professor, Lagos Business School, said the Made-in-Nigeria concept was apt but that it must cover production, global competitiveness, inclusiveness and value addition to global economy. He regretted that the economy is shrinking and contracting, “and worse than stagflation. We don’t live in the past. It is not what has been done that matters. But what remains to be done,” he said.

Kayode Fayemi, minister of Mines and Steel Development, said his ministry was bringing in big-ticket players into the mining sector, just as he said that the sector has great potentials as Nigeria diversifies its economy. According to Fayemi, the Buhari government had pruned the cost of governance.

The Dangote Group is one of the major sponsors of the three-day Nigerian Economic Summit in Abuja.