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Dangote highlights business challenges, solutions

By PROVIDENCE OBUH

There are several ways to overcoming the various business challenges in Nigeria and the African continent, Chairman Dangote Group, Alhaji Aliko Dangote, has said.

Dangote who spoke during the Business Conference organised by the Masters of Business Administration (MBA) students of the Lagos Business School, Pan Atlantic University, said: “Unstable regulatory environment with policy inconsistencies can be overcome by constant dialogue with government while inadequate infrastructures can be overcome by including the cost of providing the required infrastructure in the project cost.

Represent by special adviser Joseph Makoju, Dangote also noted that ulocal contractors and suppliers with the associated completion risk can be overcome by drawing up detailed quantities/request for proposals; engaging competent experts to verify scope of work and ensure that it is reasonably completed; work with the more credible contractors/suppliers; and setting up project teams to constantly supervise the entire process.

On access to finance, he said, this can be overcome by prudent negotiations of interest rates and tenor of facilities; constant review of the bank statement to detect spurious charges; accessing international capital markets for project finance facilities; negotiating supplier credits supported by international banks; stock exchange listings; etc.

According to him,  dearth of highly skilled and experienced talents locally can be overcome by hiring expatriates to lead and train local staff; training and empowering promising staff  to lead entire processes upon demonstration of capacity and willingness to take on higher responsibilities; institute a culture of accountability and competition focused on attaining set business goals; develop a culture of process ownership which does not accommodate excuses for non attainment of set objectives; reward and promote excellence.”

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