We Need To Take Diversification Of Nigeria’s Economy More Seriously – Dangote

Popular business mogul and the Chairman of Dangote Group, Aliko Dangote has called for more seriousness in handling diversification of Nigeria’s economy.

The tycoon disclosed this on Wednesday while addressing participants at a consultative round table organised by the Central Bank of Nigeria (CBN), in Abuja.

Dangote lamented that he has been hearing about diversification of Nigeria’s economy since as far back as 1979 but now is the time to take things more seriously.

“Diversification of this economy is very important. Since I got to Lagos in 1979, people have been talking about diversification of Nigeria’s economy.

“I think we really need this time around, be more serious so that we don’t just keep talking about diversification. It is possible but people are not really focusing on it.

“We need to find a solution as to how to make our country to be producing things that we consume,” he said.

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Suggesting ways of diversifying the economy, Dangote said more attention should be paid to the agriculture and manufacturing sector.

“Manufacturing creates a lot of jobs and transforms countries. These are the areas I think we really need to focus on,” he said.

Dangote also advised that more attention should be paid on the local market to boost exportation.

According to him, “We import almost every single thing that we consume in Nigeria. We need the sales industry.”

Is Diversification Impossible?

Dangote dismissed the belief that the diversification of Nigeria’s economy is impossible.

He stressed that it can be realised through a joint effort of entrepreneurs and the Nigerian government.

Entrepreneurs according to Dangote have a role to play in diversification of the economy by leaving their comfort zones and joining hands to boost the manufacturing sector.

The role of the Nigerian government, among other factors, Dangote said is to reduce the cost of doing business and employ consistent economic policies.

Dangote also highlighted efforts that have been put in place by his organisation to diversify the economy.

He revealed that Dangote Cement has put in place efforts to ensure that “Nigeria will be the highest exporter of cement in Africa,” and also by the end of this year Dangote group will ensure that Nigeria “will be able to produce 1million tonnes of rice.”

He also spoke concerning the oil sector – “On petroleum products by the time we start our refinery, Nigeria will be the largest exporter of petroleum products in Africa.”

“So, you can see that yes it is possible to diversify the economy,” Dangote concluded.

When Completed, Apapa-Oshodi Road Will Be One Of The Best In Africa – Dangote

President, Dangote Group, Aliko Dangote with Minister of Works and Housing, Babatunde Raji Fashola and others, during the road inspection on Saturday, December 28, 2019.

 

President Of Dangote Group, Aliko Dangote has assured that the ongoing reconstruction of Apapa-Oshodi Oworonshoki expressway, when completed, will be one of the best roads in Nigeria and in Africa.

The business mogul disclosed this while speaking with journalists during a tour and inspection of the 32-kilometer road project by Dangote Group.

He added that construction work is going on day and night to achieve this and to ensure speedy completion of the road.

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According to him, the speedy completion is necessary to alleviate the setbacks caused by the poor road leading to Apapa port.

“We operate inside the port, two of our companies between 2017 and 2018 lost over N25billion because of the road congestion. We were able to produce but we were not able to get out of the port.

“That is why we are working day and night to ensure that this road in delivered on time and also with the highest quality.

“I can assure you that this will be one of the best roads not only in Nigeria but in Africa,” Dangote said

The Minister of Works and Housing, Mr Babatunde Fashola, who was also with Dangote during the inspection, said the reconstruction will be completed within the scheduled time of two years.

He expressed satisfaction at the level of work adding that the road when completed will solve a lot of problems.

“We expect that by the end of 2020 the entire road network will be finished. We will have a road that will last for 40 years or more,” Fashola said.

‘Local Investors Are Key To Attracting Foreign Investment’ – Dangote

 

The Chief Executive Officer of Dangote Group, Aliko Dangote, has called on governors in Northern Nigeria to do more in mobilizing local private sector investors in their states.

Dangote made the call at the Kaduna Economic and investment summit on Wednesday, where he stated that such a move can spur huge inflow of private capital, reduce insecurity, unemployment, and poverty.

“Northern Nigeria will continue to fall behind if the respective state government does not move to close the development gap. Closing these gaps requires huge multi-year investment and government will not be able to raise the capital required to fund this. Only the private sector can raise the capital required to fund the level of investment this country needs.

“Efforts should be more in terms of attracting local investors, there is no foreigner that will come and invest without seeing the local investors invest. So local investors are key to attracting foreign investments and we must pay attention to that.”

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According to the business mogul, the partnership to establish an automobile assembly plant between the Dangote group, Peugeot and the Kaduna State government would help grow the domestic automobile industry and SMEs will benefit from the supply chain.

“On our own part, we have already progressed to establish billions of naira automobile assembly plant in conjunction with Peugeot of France and the Kaduna State Government.

“It is in the hope that the state government will also incentivize the SMEs to take advantage of opportunities inherent in the supply chain. This is the only way we can grow and develop our domestic automobile industry and economy in general.

“Government must create a conducive environment that will trigger a huge inflow of private capital into attractive sectors of the economy. Private investments will create jobs and will ameliorate the twin challenges of unemployment and poverty,” he added.

Dangote tasked state governments to work hard by creating the necessary legal and regulatory framework, offer attractive sector-wide incentives, identify the sectors of the economy where their state has a comparative advantage and provide information and data to enable prospective investors to evaluate the opportunities in these sectors.

Dangote Projects Economic Growth After Elections

 

Africa’s richest man, Aliko Dangote has projected that Nigeria’s economy will grow, following the conclusion of the Presidential elections.

Mr. Dangote is of the opinion that there will be a positive growth trajectory for the business community regardless of the outcome of the elections.

He stated this in an exclusive interview with Channels Television in London.

According to the business mogul, Nigeria has experienced lots of investment with or without the elections coming to play.

” There are quite a number of things that have happened in Nigeria, we in business didn’t really bother with the elections or not but there have been investments in the country and we will continue to invest.

“For me, I think we will have better days ahead”, he said.

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Dangote, the President of Dangote Group was recently ranked as the world’s 64th richest person after he gained $5.8bn within 24 hours, causing his total net worth to rise to $16.6bn on Tuesday.

This is according to Bloomberg’s Billionaires Index, a ranking of the world’s 500 richest people.

The Index showed that Dangote’s wealth fell from $10.5bn at the end of last year to a low of $9.63bn on January 1, 2019. But it grew to $10.8bn on Monday, February 25.

It further revealed that Dangote’s net worth increased by 23 per cent from $13.5bn on February 26, 2018, to $16.6bn, emerging 64th richest person in the world.

The list shows that Dangote’s wealth rose by 58 per cent so far this year, making him the second biggest mover after Andrew Forrest, founder and largest shareholder of Fortescue Metals Group, the world’s fourth-largest iron ore producer, whose wealth grew by 59 per cent.

Dangote was the only Nigerian on Bloomberg’s list of 500 billionaires and retained his position as Africa’s richest person.

Dangote’s Worth Drops By 32%

Dangote's Worth Drops By 32%Nigerian born Africa’s richest man, Mr Aliko Dangote, has lost 32% of his wealth.

Bloomberg reports that the president of the Dangote Group, lost 4.9 billion dollars in June, representing one-third of his wealth.

The decline resulted from the effect of falling oil prices and the devaluation of the naira, dragging the magnate’s ranking to 112 on world’s billionaires’ list.

With a total value of 10.4 billion dollars, Mr Dangote was the world’s 46th-richest person as at June 2016.

Aliko Dangote was also recently named as the second most powerful person on the African continent.

In the latest edition of its 74 world most powerful people, Forbes Magazine named billionaire Dangote along with 70 others including Russian President, Vladimir Putin; US President-Elect, Donald Trump; and German Chancellor, Angela Merkel.

Mr Dangote is listed as number 71 ahead of Trump, and the 68th most powerful in the world for this year.

The business mogul has constantly featured on the list since 2013 when he was listed as the only black African among 100 most powerful persons on the planet.

As of 2013, Dangote was the only African listed among the most powerful people in the world before the Egyptian president, Abdel El-Sisi recently featured on the list.

Aliko Dangote Among Forbes World’s Most Powerful

Dangote Among Forbes World’s Most PowerfulAfrica’s richest man and Nigerian-born head of the Dangote Group, Aliko Dangote, has been named as the second most powerful person on the continent.

In the latest edition of its 74 world most powerful people, Forbes Magazine named billionaire Dangote along with 70 others including Russian President, Vladimir Putin; US President-Elect, Donald Trump; and German Chancellor, Angela Merkel.

Mr Dangote is listed as number 71 ahead of Trump, and the 68th most powerful in the world for this year.

The business mogul has constantly featured on the list since 2013 when he was listed as the only black African among 100 most powerful persons on the planet.

As of 2013, Dangote was the only African listed among the most powerful people in the world before the Egyptian president, Abdel El-Sisi recently featured on the list.

 

Police Arrest Kidnappers Of Dangote Employees

Police Arrest Kidnappers Of Dangote Employees The IGP Intelligence Response Team (IRT), has recorded another breakthrough with the arrest of three of the kidnappers that murdered one and kidnapped five expatriate members of staff of Dangote group.

The IRT, armed with credible intelligence, between November 27, 2016 and December 3, 2016 arrested three of the kidnappers; Abubakar Gide 24, Abdullahi Salihu 22, and Babuga Adamu 25, in Ijebu Igbo – Ogun state, Epe Forest – Lagos State and Ajase Ipo Forest – kwara state respectively.

The suspects confessed to kidnapping and releasing all five initial victims after receiving 5.6 million Naira ransom.

They also confessed to kidnapping and murdering the ransom transporter, Mr Istifanus Gurama, also of the Dangote group.

 

This was revealed in a statement by the force’ Public Relations Officer, Don N. Awunah, Fsi.

The Inspector General of Police, Mr Ibrahim Idris, also stated that it is imperative for relations of kidnap victim(s) to exercise considerable restraint in negotiating and paying ransom.

“It is absolutely important the negotiators of ransom should have confidence in the police.”

Police Arrest Kidnappers Of Dangote Employees

Meanwhile, the suspects have since led the police to their hideout in Ijebu Igbo, Ogun forest, where the following arms and ammunition they used in the operation were recovered: 3 AK47 rifles, 6 AK47 magazines and 160 rounds of ammunition.

The suspects further led IRT operatives to Apoje River where the body of one Mr Bello Gurama was recovered.

The Police boss however mentioned that efforts are in progress to arrest other gang members who are currently at large in other states.

He then admonished officers not to get carried away by recent successes but instead redouble their efforts in the fight against crime.

In the same vein, he assured Nigerians that the police would remain undaunted in the collective fight against crime.

“As members of the public begin the yuletide celebrations, the police will ensure the celebrations are crime free,” Idris said.

Dangote To Build Obajana-Kabba Road In Exchange Of Company’s 30 % Income Tax

DangoteThe Federal Executive Council has approved a proposal for Dangote Group to construct Lokoja-Obajana-Ilorin Road in return, Dangote will hold back 30 percent of his company’s income tax for some years.

‎The Minister of Power, Works and Housing, Mr Babatunde Fashola, disclosed this to State House correspondents at the end of the FEC meeting presided over by President Muhammadu Buhari.

The Minister said the purpose is to drive infrastructural development in the country.

According to the Minister, the proposal by one of the subsidiaries of Dangote Group, a construction company, for the construction of a section of Lokoja-Obajana-Kabba-Ilorin, specifically the section between Obajana-Kabba Road using cement, is a demonstration of how the government will continue to build going forward in order to reduce maintenance on the roads in exchange for some tax remissions.

Dangote Signs Chinese Bank Loan For Two Cement Plants

Aliko Dangote cement companyDangote Group, owned by Africa’s richest man, Aliko Dangote, has signed a deal for a $2 billion loan from the Industrial Commercial Bank of China Limited for two cement plants.

After securing the deal, Mr Dangote told Reuters that “the interest rate is okay, quite favorable with me”.

“It’s for my two cement companies that we are establishing in Nigeria.”

The deal included China Export & Credit Insurance Corporation (Sinosure).

Few days ago, Dangote Group held a ground-breaking ceremony of a cement plant in Okpella in Edo state, south-south Nigeria.

It has an estimated production of six million metric tonnes of cement per annum.

Addressing a gathering at the ground-breaking ceremony, he said the one-billion dollar investment would create massive employment.

Dangote cement group is targeting 81 million tonnes of cement per annum, which will make the group one of the top six cement companies in the world.

Lafarge Unveils 2016 Outlook, Confident In Nigeria’s Growth Potential

Lafarge Lafarge Africa Plc., a leading cement and building solutions provider, has released details of the outlook for its business in 2016.

The CEO, Peter Hoddinott, said that the company remains bullish about Nigerian growth potential, adding that Lafarge Africa will continue to deliver “good performance with significant upsides to come as new cement and power generation capacities come on stream and synergy benefits from the merger in Nigeria flow through.

“Our business integration process has been successful and as a Company we are optimistic to deliver improving performances in 2016 and beyond, improving value to our shareholders,” he said.

According to him, the integration of LafargeHocim businesses in Nigeria will drive efficiencies and ultimately generate synergy savings of N9 billion for the group by mid-2018. The cost of borrowing for the companies will also reduce by 4%.

According to the statement, the overall Nigerian cement market is foreseen to grow robustly in 2016 behind a strong Individual Home Building Segment.

The Federal Government of Nigeria has also shown strong indications to support infrastructure growth in the coming year.

Lafarge Africa will be able to leverage its unique footprint in 2016 with Ashaka returning to growth, ReadyMix securing high volume contracts to support its eight existing, and new plants to be commissioned as well as the new 2.5 million tons cement line due to be commissioned in Mfamosing in H2.

Overall, the Lafarge Africa group says it will continue to seek innovative ways of improving product offerings in the Nigerian cement, concrete and aggregate market in 2016.

“In the South Africa market, Lafarge Africa will leverage the 2015 investments within the cement operations with a revamped sales team and route to market.

“In aggregates, the company will continue to benefit from its strong network delivering results with two new quarries, being opened in the Gauteng market and Ready-Mix growth. Overall, new strategies in penetrating retail, new geographies and the technical segment are expected to allow Lafarge Africa volumes to grow above a flat market in all three product lines.

“Lafarge Africa will also consolidate on initiatives which have recently driven growth. This includes the Key Distribution Scheme, a strong route to market scheme which has been critical to sales and revenue growth in South West Nigeria.

“Across its factories and product and solutions portfolio, Lafarge Africa PLC will focus on improving on its solid capacity utilization performance in 2016.”

Profit Decline Caused By Exchange Revaluation Impacts – Lafarge Africa

Lafarge AfricaListed cement giant, Lafarge Africa says the 20% decline in its 2015 net profit was due to the stripping of one-off items and exchange revaluation impacts.

In a statement released at the weekend, the company noted its consolidated revenue was up to 267 billion Naira in 2015 in a challenging market, while cash flow was seen at 57.9 billion Naira.

Lafarge Africa’s CEO, Mr Peter Hoddinott, believes 2016 will deliver significant upsides, as new cement and power generation capacities come on stream with benefits from the 2015 merger flowing into its Nigeria unit.

Lafarge is forecasting that the Nigerian market will record significant growth this year on strong individual home building segment.

The company had earlier announced a disappointing profit decline of about seven billion Naira, for the 2015 financial year.

In a statement released to the stock exchange on Thursday, the cement giant reported a net profit of 26.9 billion Naira down from 33.5 billion reported in the 2014 full year period.

Dangote, Adenuga, Others Make Forbes List

DangotePresident of Dangote Group, Aliko Dangote, has maintained his number one position as Africa’s richest man for a fifth year in a row by Forbes magazine.

Dangote leads with a net worth of 16.7 billion dollars and that is after losing nearly 5 billion dollars in one year, owing to a drop in the stock price of Dangote Cement and a pressured naira.

Others on the list are Chairman of Globacom, Mike Adenuga, who came in seventh position. Business woman and the only female from Nigeria on the list, Mrs Folorunsho Alakija, came in at 13th while Forte Oil Chairman, Femi Otedola was 16th.

Also, Founder of Bua Group, Abdulsamad Rabiu is 23rd, while former Defence Minister, Theophilus Danjuma is number 30 and Chairman of Heirs Holdings, Tony Elumelu came in at 31.

Other Nigerians on the list are Jim Ovia, Mohammed Indimi and Orji Uzor Kalu who took the 37th, 39th and 49th spot respectively.

Nigerians who dropped off the list are Chairman of Etisalat Nigeria, Hakeem Bello Osagie, CEO of Yinka Folawiyo Group, Tunde Folawiyo, and Oba Otudeko of Honeywell Group.

Forbes compiles the list by calculating net worth using stock prices, currency exchange rates, estimates of revenues or profits with prevailing price-to-sales or price-to-earnings ratios for similar public companies.