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Despite losing $7.8bn, Dangote makes case for local investment

Despite losing $7.8bn, Dangote makes case for local investment
February 16
13:52 2015
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Aliko Dangote, Africa’s richest man and the president of Dangote group, has urged Nigerians not to be deterred by the economic challenges of the moment, but to help the country in building its economy.

Dangote, who described Nigeria as an enviable country in terms of resources, said the present economic challenge is just a phase in Nigeria’s journey to greatness.

“I have always said it that Nigeria is a good place to invest. God has given us in Nigeria what many other countries don’t have and they keep searching for it,” he said.

“We have got fertile land for agriculture, we have the minerals resources and we have oil. All we need to do is to harness them for our good.

“The present challenge we are facing should not deter us from growing our economy. It shouldn’t stop us from investing; it’s just a passing phase.”

According to Forbes, Dangote lost $7.8 billion after the naira was devalued in December 2014, reducing his net worth from $25 billon to $17.2 billion, yet he believes in investing in Nigeria.

“Other countries referred to as developed started from somewhere; they all experienced some of these challenges in the past. So I want us to see these challenges as obstacles towards attaining greatness,” he said.

“If Nigerians do not invest in their country, other people would not come. They will want to see our success story before they can come.”

Dangote is arguably the Nigerian citizen with the highest investment in the country.

The Dangote Group signed a memorandum of understanding with the federal ministry of agriculture to provide N165 billion for rice cultivation in five states.

The group’s cement company recently added two new lines to the 6 million metric ton capacity per annum at Ibese to shore up its capacity to 12 million, while additional 3 million capacity line is being added to Obajana plant to bring total capacity to 13.25 million tons per annum.

It is also about to complete its petroleum refinery in Lagos.

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