Business

Dangote Waiver: Nigerian Economy Is Rigged To Favour Well-connected Persons – Atedo Peterside

Founder, Stanbic IBTC Bank, Atedo Peterside, says the Nigerian economy is rigged in favour of a handful of well-connected persons.

He was reacting to the exemption of Dangote Cement from the ongoing land border closure across the country.

Bloomberg reports that Chief Executive Officer, Dangote Cement, Michel Puchercos, said President Muhammadu Buhari‘s administration gave the company authorisation to export cement to Niger and Togo in the third quarter for the first time in ten months.

In a tweet Tuesday morning, Peterside noted that allowing legitimate exporters and importers to move their goods across the border should be a “no-brainer.”

He bemoaned the government’s special treatment for Dangote Cement, wondering why the government would refuse other companies exemption and allow only one company.

“Allowing legitimate exporters & importers to move their goods across the border should be a no-brainer,” Peterside tweeted.

“Why refuse everybody else & allow only one company (Dangote)? This is why some of us argue that the Nigerian economy is rigged in favour of a handful of well-connected persons.”

The border closure started in August 2019, shutting exports across the country’s land borders.

The government said the decision to close borders with neighboring countries – including Benin and Niger – was to curb smuggling and boost local production.

The Buhari administration’s move to exempt Dangote from the restriction has also generated outrage on social media platforms, especially Twitter.

See some of the protests below:

 

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