Despite current economic challenges, Dangote Group has announced plan to invest $20billion in Nigeria and other parts of the African Continent.
A statement by the group explained that Chairman of the Group, Aliko 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.
According to Dangote, the investment areas would include petroleum refinery, petrochemicals, fertiliser, gas pipeline, and backward integration in sugar and rice production.
He 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.”
