Buhari Applauds Dangote, Ge, Samsung Others As Strategic Investors In Africa

BEVERLY HILLS, March 15, (THEWILL) – President Muhammadu Buhari has described Dangote Group, General Electric, among others as strategic investors sustaining African economy and urged them not to relent.

He encouraged other investors to consider the strategic nature of investments made by the conglomerates and emulate them in order to enhance the value of the continent's economy.

The President made the call at the opening proceedings of the sixth African Petroleum Congress and Exhibition (CAPE VI) organized by the African Petroluem Producers Association (APPA) in Abuja.

The President, represented by his Vice, Professor Yemi Osinbajo, identified some of the companies adding the most value to the Nigerian economy through their ingenious investment as GE, Dangote Group, Ladol shipyard, and Samsung, among others.

According to the president, African countries should develop ingenious ways of promoting value addition and investment through sustainable policies in local content.

“A common approach to local content will ensure that the whole of Africa benefits from economies of scale associated with our vast resources,” he said.

Buhari noted that ongoing mega projects “like the General Electric Service Centre for manufacturing rotating equipment in Calabar; the Ladol industrial free zone in Lagos – wholly indigenous, privately developed and hosting the largest shipyard in West Africa; the 650,000 barrels per day (bpd) Dangote indigenous refinery in Lagos and the Samsung FPSO Integration Yard in Lagos; to mention a few.” were some of the most strategic to the struggling African economy.

According to him, the Continent must recognize that the development of domestic refining capacity in oil and gas would remain critical to her sustainable economic growth as reliance on importation would continue to stunt her growth.

Buhari also tasked African oil producing countries on developing local capacities to match Africa's desire to beneficially use her oil resources.

Also speaking on the sidelines of the meeting, the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, stated that the conference offered African oil producers the opportunity to look deeper into their challenges and come up with realistic solutions.

“It is a new dawn for Africa and we are excited about the development. We will continue to work collaboratively because there is a lot happening in the space but also a lot of challenges that we have to overcome,” he said.

Story by David Oputah