The Nation Newspaper

Tag: Dangote

  • Dangote sponsors Kaduna Trade Fair

    Dangote sponsors Kaduna Trade Fair

    The Kaduna State Chamber of Commerce Industry, Mines and Agriculture (KADCCIMA)  has described Dangote Group’s sponsorship of the upcoming 36th Kaduna International Trade Fair (KITF) as yet another huge contribution to the Nigerian economy by a business entity.

    The fair is coming as the Dangote conglomerate scaled up its business frontiers which also tallies with the fair’s theme of: “Promoting Domestic Production for National Sustainable Economic Development.”

    Director-General of the Chamber, Usman Saulawa, said the economy will be bolstered as a broad spectrum of local business groups, investors and traders from at least nine countries will be represented.

    “I want to correct you. The Chamber does not have a good relationship with the Dangote Group. It has an excellent relationship with the company. The Dangote Group has always supported us right from time,” he said.

    He said the Group will be one of the biggest partners of the Chamber at the fair that opens  April 24 and closes   May 3.

    President of the Chamber, Dr Abdul Alimi Bello said: “The success history of the KITF will never be completed without mentioning the contribution of the Dangote Group,” he said.

    According to him, this year, the Dangote pavilion and products are expected to add great value as the flagship of the fair.

    A statement signed by the Dangote Group’s Chief Corporate Communications Officer, Anthony Chiejina, said the Group is sponsoring the fair as part of its determination to support the  economy and make it a hub for trade in Africa.

    He urged participants to visit the Dangote pavilion to take advantage of the specially packaged and discounted products that will be on display.

    The fair, according to the KADCCIMA, will be officially opened by President Goodluck Jonathan.

  • Dangote Cement output to rise in Cameroon

    Dangote Cement output to rise in Cameroon

    THE Dangote Cement Plc has assured Cameroon that it will help shore up local production of cement following the ban on importation of the product.

    The assurance came in the wake of the formal launching of the company’s high grade 42.5 cement type into the Cameroonian market after a successful inauguration of 1.5m MTPA capacity plant in Douala.

    Company officials told reporters that it appreciated the gesture of the Cameroonian government and that the ban was a vote of confidence on the ability of cement manufacturers in the country, especially Dangote Cement, to meet and surpass local consumption demands.

    With the addition of the Dangote’s 1.5m MTPA, General Manager and head of Cameroonian factory, Abdulahi Baba, explained that the country’s three manufacturers of cement were about to surpass local consumption demands.

    He added that Dangote management was looking towards export prospects to Cameroon’s neighbouring countries.

    With a consumption growth of eight per cent, and with a local production of 2.9m MTPA, Baba said the Dangote management was looking at export potential in Chad, Central African Republic, Gabon, Equatorial Guinea and Togo.

    He explained that the plant has one of the most recent facilities to ensure that there was no dust emission during production.

  • Dangote: Upping the ante in Africa’s cement market

    Dangote: Upping the ante in Africa’s cement market

    Dangote has opened its $300 million (about N60 billion) cement plant in Dakar, Senegal. The plant, which runs on cutting-edge technology and innovation, produces the high varity 42.5 cement brand, reports Assistant Editor Okwy Iroegbu-Chikezie.

    With the opening of Dangote cement plant in Dakar, Senegal, competition in the market in Africa has become keen. The $300 million (about N60 billion) plant is backed by superior technology and innovation to deliver quality cement.

    “Our edge is the technology we have brought to bear on cement production and the wealth we are creating across the board for the people and government of Senegal,” the Country Head of Dangote Cement, Senegal, Mr. Luk Haelterman, said, at the inauguration, last week, of the 4, 000 Metric Tons (MT) per day plant in Pout District of Senegal, about 75 kilometres East of Dakar, the country’s capital.

    In his welcome address Haelterman said Dangote Cement offered the best choice for consumers, as it is the only 42.5 grade high quality cement available in the country’s  market.

    He said the firm’s coming would boost the housing sub sector, noting that the plant with a production capacity of 1.5 million tons yearly would create more than 5, 000 jobs. Firm’s emergence, he added, has altered the equation in  cement market. Haelterman was right. Until Dangote  hit the market with its superior 42.5 grade cement, the market in Senegal was dominated by Sococim, a French cement company founded in 1948, and CDS. However, while the two firms are producing the 32.5 grade cement,  Dangote introduced the higher quality 42.5 cement grade that allows for quicker drying for construction professionals. “Today, Dangote has become the biggest and best because we remain the only company producing the 42.5R, which is better than what we met on ground, which is the 32.5R”, Haelterman said.

    The quality of cement introduced into the market by Dangote is not the only game changer. Despite coming into an already saturated market, the company also came in with the lowest price in the continent, approximately $5 a bag. With a combination of Damgote’s marketing edge in superior quality and pricing, experts say that the continent’s cement landscape is poised for a major positive change-one that would bring immense benefits to all stakeholders.

    Already, Dangote Cement, The Nation learnt, is targeting the exportation of the product to Mali to the tune of two million tonne, while sales of the product in other neighbouring countries are currently being worked out.

    An exporter,  Mr. Serigne Aramine Mbacke, confirmed this much when he disclosed that he distributes about 40 per cent of Dangote Cement to Mali, Gambia, Code de Voire, Cape Verde and Guinea Bissau. He said he was motivated to distribute the company’s product because of its quality and profit margin. He also said that with the massive investment, which is the single largest in the Franco-phone country by an African, Dangote has made inroads into several African countries, bringing cohesion in the process. While noting that the state-of-the-art cement plant offers huge employment opportunities for Senegal’s estimated 14 million population, he commended the Senegalese Government for being open to investment that is mutually beneficial.

    A Dangote Cement distributor, Mr. Momodu Ndioye could not hide his excitement over the prospects of high profit margin. He told The Nation in Dakar that the quality of Dangote cement is better than others. Hear him: “My customers have confirmed that the quality of the new entrant into the cement market is better than others. They can mould more blocks with Dangote cement and also make more money because it dries faster. This translates to more profit for us distributors.” Another distributor, Mr. Ibrahim Dirkhabi also confirmed this, noting that because of its quality, the Dangote cement dries faster and makes

    stronger blocks. “It is the toast of builders and others in the construction industry,” he said.

    Apart from superior technology, innovation, and pricing, there are other factors that position Dangote Cement to play a leading role in the continent’s competitive cement sector. For instance, as Chief Operating Officer of the company, Mr. Athanasios Bampos disclosed, Dangote Cement boasts a limestone deposit that can last for 150 years.

    The location of the factory is not only rich in limestone, but also in clay and laterite, which are the major components needed in cement manufacturing. ‘’The only component that we import as a company is gypsum, sold by ICS Chemical Company, a local firm, which is about 45 kilometres from the factory,’’ he added.

    That is not all. The company, according to Bampos, also has captive electricity that produces 30 Megawatts of electricity through the exploitation of coal, the first in the country. He explained that the factory has two production lines though they are using one line for now. “We have 3.6 kilometre conveyor belt, three parking bay and a railway about 1.5 kilometres from the factory. We will not have to contend with the problem of transportation and other logistic problems that have to do with transporting our products to destinations where our customers are located, he added.

    In his presentation, the Company’s Director of Sales and Marketing, Mr. Serigne M. Dieng said that Senegal, with 14 million people and a growing Gross Domestic Product (GDP) of +4 per cent as at 2013 hasm cement market of three MT pa and consumption rate of 230kg. He expressed satisfaction that Dangote Cement has been accepted immediately it got to the market because of the aggressive awareness strategy embarked upon by the company to introduce the 42.5 grade, which was not known to the majority of customers except a few corporate customers.

    An obviously elated Director of Mines and Geology for Senegal, Mr. Ousmane Cisse, said the $300million factory remains the biggest investment in his country in the last 15 years. He said the massive investment has changed the economy of his country for good. He noted that the company had met all the requirements on key issues of environmental sustainability, good business practice and compliance with regulations, adding that the Senegalese Government, on its part, had responded by offering tax holiday and other incentives to the company. He also promised that the Senegalese Government would protect the company to achieve its optimal production capacity.

    While stating that the Government of the Republic of Senegal was happy with Dangote as the single largest investor in the country, Mr. Cisse urged other African entrepreneurs to emulate the business acumen of

    Dangote. Nigerian Ambassador to Senegal, Mrs Katyen Jackden also commended the management of Dangote Cement for its pan-African posture in investment and the host government for its support to the firm. She explained that Dangote has through his investments in African countries built bridges of friendship across nations, fostering unity and integration among African countries.

    She said Dangote Cement has done Nigeria proud with the commencement of production and that she was happy that the cement giant was instantly accepted in the market based on its high quality product and competitive pricing.

    Mrs Jackden said: “Dangote Cement needs all encouragement needed to flourish and my office would be willing to help in that regard because Dangote has proven a worthy Nigerian ambassador in business.” She also thanked the people and government of the French-speaking West African country for the support and opportunity given to a foreign investor like Dangote, stressing that ‘’Dangote has been able to bring cohesion among African nations with his investments.’’

  • Dangote ups the ante in cement market

    Dangote ups the ante in cement market

    The $300 million (about N60 billion) Dangote Cement plant in Dakar,Senegal has roared into life, churning out high variety 42.5 cement brand to the delight of consumers. The plant, which runs on cutting-edge technology and innovation, may have spurred a fresh wave of competition in the continent’s cement market. Assistant Editor Okwy Iroegbu-Chikezie reports.

    A new wave of competition may have started sweeping through Africa’s cement market. At the heart of the fresh wave of competition ignited by the inauguration of the $300 million (about N60 billion) Dangote Cement plant in Dakar, Senegal, last week, is the deployment of superior technology and innovation to deliver quality cement to consumers.

    “Our edge is the technology we have brought to bear in cement production and the wealth we are creating across the board for the people and government of Senegal,” Country Head of Dangote Cement, Senegal, Mr. Luk Haelterman, said, at the inauguration of the 4, 000 Metric Tons (MT) per day plant located in Pout District of Senegal, about 75 kilometres East of Dakar, the country’s capital.

    Haelterman told a gathering of excited cement consumers, distributors and Senegalese government officials in his welcome address that Dangote Cement offered the best choice for consumers, as it is the only 42.5 grade high quality cement available in the country’s cement market.

    He added that the commencement of production would boost the housing sub sector of the Senegalese building industry. Besides, the plant with a total production capacity of 1.5 million tons annually, would create more than 5, 000 jobs for the locals. He was also quick to note that the entrance of Dangote cement into the Senegal market has altered the equation in the cement market. Haelterman was right. Until Dangote cement hit the market with its superior 42.5 grade cement, the cement market in Senegal was dominated by two existing cement firms, namely Sococim, a French cement company founded in 1948, and CDS. However, while the two initial manufacturers are producing the 32.5 grade cement, which is of a lower quality, Dangote cement came on board with a master stroke, introducing the higher quality 42.5 cement grade that allows for quicker drying for construction professionals. “Today, Dangote has become the biggest and best because we remain the only company producing the 42.5R, which is better than what we met on ground, which is the 32.5R”, Haelterman said.

    The quality of cement introduced into the market by Dangote is not the only game changer. Despite coming into an already saturated market, the company also came in with the lowest price in the continent, approximately $5 a bag. With a combination of Damgote’s marketing edge in superior quality and pricing, experts say that the continent’s cement landscape is poised for a major positive change-one that would bring immense benefits to all stakeholders.

    Already, Dangote Cement, The Nation learnt, is targeting the exportation of the product to Mali to the tune of two million tonne, while sales of the product in other neighbouring countries are currently being worked out.

    An exporter,  Mr. Serigne Aramine Mbacke, confirmed this much when he disclosed that he distributes about 40 per cent of Dangote Cement to Mali, Gambia, Code de Voire, Cape Verde and Guinea Bissau. He said he was motivated to distribute the company’s product because of its quality and profit margin. He also said that with the massive investment, which is the single largest in the Franco-phone country by an African, Dangote has made inroads into several African countries, bringing cohesion in the process. While noting that the state-of-the-art cement plant offers huge employment opportunities for Senegal’s estimated 14 million population, he commended the Senegalese Government for being open to investment that is mutually beneficial.

    A Dangote Cement distributor, Mr. Momodu Ndioye could not hide his excitement over the prospects of high profit margin. He told The Nation in Dakar that the quality of Dangote cement is better than others. Hear him: “My customers have confirmed that the quality of the new entrant into the cement market is better than others. They can mould more blocks with Dangote cement and also make more money because it dries faster. This translates to more profit for us distributors.” Another distributor, Mr. Ibrahim Dirkhabi also confirmed this, noting that because of its quality, the Dangote cement dries faster and makes

    stronger blocks. “It is the toast of builders and others in the construction industry,” he said.

    Apart from superior technology, innovation, and pricing, there are other factors that position Dangote Cement to play a leading role in the continent’s competitive cement sector. For instance, as Chief Operating Officer of the company, Mr. Athanasios Bampos disclosed, Dangote Cement boasts a limestone deposit that can last for 150 years.

    The location of the factory is not only rich in limestone, but also in clay and laterite, which are the major components needed in cement manufacturing. ‘’The only component that we import as a company is gypsum, sold by ICS Chemical Company, a local firm, which is about 45 kilometres from the factory,’’ he added.

    That is not all. The company, according to Bampos, also has captive electricity that produces 30 Megawatts of electricity through the exploitation of coal, the first in the country. He explained that the factory has two production lines though they are using one line for now. “We have 3.6 kilometre conveyor belt, three parking bay and a railway about 1.5 kilometres from the factory. We will not have to contend with the problem of transportation and other logistic problems that have to do with transporting our products to destinations where our customers are located, he added.

    In his presentation, the Company’s Director of Sales and Marketing, Mr. Serigne M. Dieng said that Senegal, with 14 million people and a growing Gross Domestic Product (GDP) of +4 per cent as at 2013 hasm cement market of three MT pa and consumption rate of 230kg. He expressed satisfaction that Dangote Cement has been accepted immediately it got to the market because of the aggressive awareness strategy embarked upon by the company to introduce the 42.5 grade, which was not known to the majority of customers except a few corporate customers.

    An obviously elated Director of Mines and Geology for Senegal, Mr. Ousmane Cisse, said the $300million factory remains the biggest investment in his country in the last 15 years. He said the massive investment has changed the economy of his country for good. He noted that the company had met all the requirements on key issues of environmental sustainability, good business practice and compliance with regulations, adding that the Senegalese Government, on its part, had responded by offering tax holiday and other incentives to the company. He also promised that the Senegalese Government would protect the company to achieve its optimal production capacity.

    While stating that the Government of the Republic of Senegal was happy with Dangote as the single largest investor in the country, Mr. Cisse urged other African entrepreneurs to emulate the business acumen of

    Dangote. Nigerian Ambassador to Senegal, Mrs Katyen Jackden also commended the management of Dangote Cement for its pan-African posture in investment and the host government for its support to the firm. She explained that Dangote has through his investments in African countries built bridges of friendship across nations, fostering unity and integration among African countries.

    She said Dangote Cement has done Nigeria proud with the commencement of production and that she was happy that the cement giant was instantly accepted in the market based on its high quality product and competitive pricing.

    Mrs Jackden said: “Dangote Cement needs all encouragement needed to flourish and my office would be willing to help in that regard because Dangote has proven a worthy Nigerian ambassador in business.” She also thanked the people and government of the French-speaking West African country for the support and opportunity given to a foreign investor like Dangote, stressing that ‘’Dangote has been able to bring cohesion among African nations with his investments.’’

  • Dangote, Saipem sign Joint Venture in Central, W/Africa

    Dangote, Saipem sign Joint Venture in Central, W/Africa

    Africa’s leading indigenous conglomerate, Dangote Industries Limited has announced a multi-million dollar Joint Venture (JV) agreement with Saipem, the Italian engineering and construction giants.

    The agreement has given birth to a new company called Saipem-Dangote E&C.

    Dangote Group said in a statement that Saipem-Dangote E&C is a significant new player in the Nigerian and Central/West African market, with high technical and financial capabilities.

    Group Executive Director at Dangote Group, Mr. Devakumar Edwin was quoted as saying that the new company aims to secure complex engineering & construction projects and to execute them at the highest levels of efficiency in terms of costs and timing, while maintaining sufficient flexibility to adapt to different project requirements.

    Saipem and Dangote Group have a track record of successful collaboration, drawing on the strengths and competences of both companies. Dangote’s financial strength, expertise and standing in the Sub–Saharan African market will complement Saipem’s unique capabilities in E & C

    This new partnership confirms the shared commitment of the two groups to both the Nigerian market and sub-Saharan Africa more widely.

    “We are confident that our partnership with Saipem will position us as a major player in the oil & gas sector.

    “Dangote’s financial strength, expertise and standing in the sub–Saharan African market will complement Saipem’s unique capabilities in E & C in developing new business. Saipem values the satisfaction of its clients in the energy industry, tackling each challenge with safe, reliable and innovative solutions. Dangote Industries and Saipem shall gain mutual benefit from this partnership,” Edwin was quoted to have said in the statement.

    Commenting on the development, Saipem Central Africa Regional Manager, Giuseppe Surace said: “The combination of two excellences like Saipem and Dangote in Central Africa creates a new efficient and sustainable (business entities).”

  • Dangote raises refinery’s capacity to 650,000bpd

    Dangote raises refinery’s capacity to 650,000bpd

    AFRICA’S richest man and President of Dangote Group Aliko Dangote has announced that he is increasing his refinery’s capacity to 650, 000 barrels per day.

    The move, according to petroleum industry analysts,  will see Nigeria listed as having the largest petroleum refinery in the world.

    Dangote said that though the initial plan was to have 450,000 bpd refining capacity, but that he has since gone back to the drawing board to have a bigger plant because he believes that Nigeria as a leading producer of crude oil should also be credited with local refining capacity.

    Describing the situation where Nigeria produces crude, but goes abroad to buy refined products as unacceptable, Dangote, who spoke through his Group Executive Director, Devakumar Edwin, said Dangote refinery was ready to reverse the trend just as it had successfully done in other sectors like sugar and cement.

    His clarification came as the company’s Executive Director in charge of Stakeholders Management and Corporate Corporation, Manure Ahmed,  told stakeholders in South Africa that the refinery would run full swing as from 2017.

    Edwin, who spoke while receiving on behalf of Dangote, a group of oil and gas stakeholders who paid him a visit in Lagos at the weekend, also said the petrochemicals, which is being developed alongside the refinery, also had its capacity increased from 750,000 to 3.6 million.

    “The entire petrochemical industry is history. Nobody has started with a 3.6 million tonnes capacity anywhere in the world. We are doing two million tonnes of polypropylene and 1.6 tonnes of polythene, which is approximately 3.6 million tones, which is a huge petrochemical complex.

    “The consumption of petrochemical products in Nigeria and within Saharan Africa is quite limited today. But in the future, there will be growth. if the cement industry has not developed like this today, if we were still living with a 3.4 million tonnes per annum capacity, today we would have imported about 16 million tonnes of cement and with that, you can imagine if we had imported this, it would have cost the country $2 billion of foreign exchange.

    “So that much of foreign exchange has been saved by the country and we can imagine how much of billions of dollars the country is spending in importation of products. That much of enormous foreign exchange has been conserved and the petrochemical products are exported, it will yield a huge amount of foreign exchange for the country even for us today, we are so happy and relieved that our external investment in cement has started to yield returns this year we will be able to bring back foreign exchange in terms of our earnings from these investments.”

    He also dismissed fears that change in government policy could affect the business saying “we have witnessed so many political upheavals and never had any negative impacts on our business as such because our business is not dependent on any government contracts or any linkage to the government. Fortunately, for the businesses we are in and the way we carry out risk analysis, we go through a rigorous analysis before we carry out any investment. One of the reasons why we carry out this very rigorous risk analysis is because most of the investments comes from president’s pocket and  because he makes massive investment and obviously, he will not want his investments to be wiped out because of one mistake.”

  • Trailer crushes teenager in Edo

    An articulated trailer belonging to Dangote Group of Company Tuesday crushed a 16-year-old-girl, Cynthia Nikoro, to death.

    Late Cynthia was crushed by the a trailer while attempting to cross the Auchi-Okene Highway.

    Witnesses said the victim was crossing the road with members of her family.

    An eyewitness, Mr Isaah Adamu, said the victim died on the spot.

    He said it was the intervention of men of the Nigerian Police that prevented angry youths from setting the trailer ablaze.

    According to him, “The victim and her families were crossing from the Angle 90 junction to the opposite side of the road when the trailer knock her down.”

    “The girl died on the spot,’’ he said.

    The body of the victim has been taken to the mortuary by the official of the Federal Road Safety Corps.

  • Dangote remains Africa’s richest

    Dangote remains Africa’s richest

    Bill Gates has been declared the world’s richest man for the 16th time in Forbes magazine’s annual ranking of global billionaires.

    The Microsoft founder once again beat Mexican businessman Carlos Slim to the top spot in the 2015 ranking released yesterday.

    Nigeria’s Aliko Dangote retains the top spot as Africa’s richest although he lost a lot of cash due to the meltdown in Nigeria’s economy and the reduced demand for cement, his chief product.

    Dangote is credited with being the year’s biggest loser in dollar terms. His fortune dropped to $14.7 billion from $25 billion last year, propelled downward by a weaker naira.

    Four other Nigerians – Mrs Folorunsho Alakija, Dr. Mike Adenuga, Mr Femi Otedola and Alhaji Abdulsamad Rabiu make the list.

    Dangote worth $14.7b, is rated number 67. Globacom Chairman Adenuga, worth $4.2b is ranked 393, Mrs Alakija ($1.2b) is number 949 and Otedola/Rabiu, both rated as worth $1b, are ranked joint number 1741.

    Mr Gates’ net worth rose by just over $3bn in the year to $79bn.

    There are a record 1,826 billionaires in the world, Forbes said, an increase of 181 in the past 12 months.

    Legendary United States investor Warren Buffet regained third place on the list, with a net worth of $72.7bn, from Amancio Ortega, the founder of Spanish fashion chain Zara.

    The funds required to make it into the top 20 in the list have fallen by $2bn to $29bn this year.

    The founders and chief executives of US technology firms dominated the list again, accounting for six of the top 20 richest men in the world.

    The first woman on the rich list is Christy Walton, the widow of John Walton, one of the heirs to the Wal-Mart retail empire.

    She has been declared the richest woman in the world for five of the last six years by Forbes.

    Facebook’s Mark Zuckerberg moves up five places in the rankings to number 16, with a net worth of $33.4bn. This is the first time he has been included in the list of the world’s 20 richest people.

    The youngest billionaire in the world is 24-year-old Evan Spiegel, the co-founder of messaging app Snapchat, with a fortune of $1.5bn.

    Silicon Valley has produced 23 new billionaires this year, including co-founders of car-hailing service Uber, Travis Kalanick and Garrett Camp and their first employee, Ryan Graves.

    Elizabeth Holmes, the founder of blood-testing firm Theranos, has debuted on the global list as the youngest self-made woman at age 31, with a fortune of $4.5bn

    The US also dominates the top 20, with 15 of the world’s richest people coming from America.

    This list includes 290 newcomers, 71 of whom come from China. There is also a new record of 46 billionaires under the age of 40.

    One hundred and thirty-eight people from last year’s list dropped out of the ranks altogether. Most notable of these is current Ukrainian President and former “chocolate king” Petro Poroshenko.

    Guatemala has a billionaire for the first time in Mario Lopez Estrada, who owns Comcel, which has about half of the mobile phone market in the country. He ranks as 1741 on the list.

  • Dangote gets CEO

    Dangote gets CEO

    Dangote Cement has announced the appointment of a new Managing Director, Onne Van der Weijde.

    In a statement yesterday, the company said the appointment was part of strategies aimed at consolidating on its successes.

    Van der Weijde will report to the Chairman of the Board of Directors of Dangote Cement.

    The statement said the appointment was in furtherance of the implementation of strategies put in place to drive operational efficiency, support its ambitious growth strategies and delivering shareholder value

    Van der Weijde, who joined with a wealth of experience working as the Managing Director of Ambuja Cement, India, “will ensure strategic, operational and brand synergies are maintained, while underlining renewed management focus on all customer segments”.

  • Nigeria still investment destination, says Dangote

    Nigeria still investment destination, says Dangote

    The President of Dangote Group, Aliko Dangote, has urged Nigerians to see the country’s economic challenges as a wakeup call for the citizenry to rededicate themselves to the task of nation-building through production activities.

    Dangote, who spoke with a delegation of cement distributors who visited his office in Lagos, added that Nigeria still remain the destination of choice for investments despite the economic and security challenges.

    He noted that though economic downturn was ravaging most countries of the world, including Nigeria, “the situation is not insurmountable, if properly addressed”.

    He added that the challenge could also serve as a stepping stone to a more economically stronger Nigeria in future.

    The Chairman of Dangote Cement Plc explained that with good support for the government, the challenges would soon be a thing of the past and Nigeria would come out stronger.

    His words: “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. 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 challenges we are facing should not deter us from growing our economy. It shouldn’t stop us from investing. It’s just a passing phase. Other countries that we 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.”

    Dangote told the distributors that it was for these reasons that he had continued to invest in Nigeria’s economy.

    “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,” he said.

    He promised the distributors that his companies would continue to live up to expectation to ensure that their interests were protected at all times, noting that as a matter of policy, his companies have put in place arrangements to consider relations of his distributors for job opportunities once there is opportunity.