The Chairman of Dangote Group, Aliko Dangote, has stated that that his business conglomerates have invested over $25 billion in Nigeria over the past seven years.
This investment spans various sectors, including oil and gas, cement, and sugar.
Dangote made this disclosure while speaking on the sidelines of the recently concluded 79th United Nations General Assembly in the US, according to Nairametrics.
Dangote emphasized that this significant investment aims to demonstrate confidence in Nigeria’s investment potential, encouraging others to consider opportunities in both Nigeria and Africa as a whole.
He acknowledged that while Africa faces certain challenges, there are solutions to these issues, reinforcing his commitment to investing in the continent.
“In areas of our own investment, we’ve invested heavily in the last couple of years in oil and gas which we spent —between the refinery, cement, sugar backward integration—in seven years we have actually over $25 billion.
“Why are we doing that? We are doing that to show confidence. If we don’t really move by investing in our continent, it will be very difficult for other people to come in and invest.
“We need to tell them that there is quite a lot of things happening in Africa and the sky is the limit. Yes of course, there is some few issues here and there, but those issues are solvable,” Dangote said.
He expressed his vision of making Africa self-sufficient by reducing the continent’s dependence on imported goods and services, aiming to enhance local production and economic resilience.
As a strong advocate for domestic production and manufacturing, Dangote highlighted the need to create jobs for Africa’s growing youth population by making significant investments across various industries.
He expressed a desire to be remembered for his contributions to shaping Africa’s future, rather than merely for his status as the continent’s richest man.
“To me, I think anytime people address me as African richest person, I really get a little bit uncomfortable or upset. I’ll rather be called somebody who creates the future of Africa. I invest a lot in Africa.
“Why am I investing? It’s to show people that it is doable. And we Africans must lead in terms of this. We must make sure that we find jobs for our youths. That’s the kind of legacy I want to leave. It is to make Africa self-sufficient for what we consume,” he added.
Dangote Group, headed by CEO Aliko Dangote, is one of the largest conglomerates in Nigeria and Sub-Saharan Africa.
Its cement subsidiary stands out as the largest employer in Nigeria, employing over 19,000 people.
