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Dangote plans N6tn investment in Nigeria, others

By The Citizen
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The Chairman, Dangote Group, Aliko Dangote, has revealed plans to increase his investments in the country and across the continent by injecting about N6.09tn ($20bn) into projects despite the current economic challenges.

According to a statement by the group on Sunday, Dangote made the commitment in New York, United States, where he was named the '2016 African Business Leader' by the US-based organisation, Africa-America Institute, for his contribution to human capital development through the establishment of businesses across the continent.

He was quoted to have said that the investment areas would include petroleum refinery, petrochemicals, fertiliser, gas pipeline, and backward integration in sugar and rice production.

Dangote said, 'Last year alone, we commenced cement operations in Ethiopia, Zambia, Cameroon, South Africa, Senegal and Tanzania. By 2019, we will have operations in 18 countries with a total capacity of nearly 80 million metric tonnes per annum, thus making us the largest cement producer in Africa and the sixth largest in the world.

'Over the next few years, we will also be investing nearly $20bn in projects ranging from a petroleum refinery, petrochemicals, fertiliser, gas pipeline, and backward integration in sugar and rice production. These projects will create over 250,000 jobs and provide foreign exchange earnings and savings of $16bn for the country and help diversify our economy. Central to this developmental trajectory is the need for capacity building and ramping up of the quality of skills of a fast-growing African workforce.'

Dangote, who was presented with the award at a ceremony held on the sidelines of the United Nations congress, alongside other prominent Africans, said the award would further encourage him to redouble efforts towards promoting the continent's economic renaissance.

'Despite the current economic challenges, we will continue to scale up the value of our investments not only in Nigeria, but also across the entire continent, because we believe in Nigeria and Africa's potential.'