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Dangote's contribution to Nigerian economy

4 months ago | 100


Dangote Group
First Bank
NNPC
DANGOTE Group, through its various companies operating in every sector, has continued to add a lot of value to the growth of the Nigerian economy.

It has been noted that Dangote’s contributions to Nigeria’s economy had been monumental and the impact had been felt in almost every sector of the country.

The Dangote Group is a Nigerian multinational industrial conglomerate, founded by Aliko Dangote. It is the largest conglomerate in West Africa and one of the largest on the African continent.

The company was founded in 1981 as a trading enterprise, importing sugar, cement, rice, fisheries and other consumer goods for distribution in the Nigeria market. The group moved into manufacturing in the 1990s, now owns and operates over 18 subsidiaries, Dangote Cement, the largest cement production company in Africa, with the highest market capitalisation on the Nigeria Exchanges ge (NGX) Limited, Dangote Sugar Refinery is another major subsidiary of Dangote, NASCON Allied Industries, Dangote Refinery, among others.

Without a doubt, Dangote’s successful and growing businesses have been making significant contributions to Nigeria’s economic growth. His investments in the productive sectors have also served to create high numbers of direct and indirect jobs while reducing the dependency of the nation on the importation of consumer products to meet local demand. Given its excess production capacity relative to local demand, Dangote Refinery could help the country save the billions of dollars used for the importation of petroleum products annually and improve foreign exchange inflows to the economy.

 

At the on-going 43rd Kaduna International Trade Fair which was officially declared open by the president at the weekend, president Muhammadu Buhari and the Governor of Kaduna State hailed the president of the Dangote Group, Aliko Dangote for his huge investments and philanthropic activities in the country.

The organizer of the Fair- Kaduna Chamber of Commerce Industry Mines and Agriculture, KADCCIMA, also described Dangote as the biggest contributor to the economy by an individual through his business and charity, The Aliko Dangote Foundation.

Buhari, who was represented by Otunba Niyi Adebayo, the Minister of Industry, Trade and Investment, visited the Dangote pavilion, saying the country is grateful for the humongous support the Dangote Group was offering the nation. He described Dangote as a friend by virtue of his contribution to the Nigerian economy, support to government and social interventions.

 

The Dangote Industries Limited is the major sponsor of the ongoing 43rd Kaduna International Trade Fair with the theme: ‘Re-strategizing Nigerian economy for Global Competitiveness’.

 

Kaduna state governor, Mallam Nasir Ahmad El-Rufia said Kaduna state government is creating the enabling environment for private sector investors like Dangote to come to Kaduna State and invest, saying that the Dangote Industries Limited has the largest stake in the Dangote Peugeot Automobile located in Kaduna.

The governor, who was represented by commissioner for Business, Innovation and Technology, Prof Kabiru Mato, said the state has created friendly policies to woo local and foreign investors.

Also, Usman Saulawa, the director-general of the Chamber, extolled the relationship between the Dangote Group and KADCCIMA. “Dangote Group is an international brand in the world of business and manufacturing. I can also add that it is a must-have in every home. Dangote is also known for its philanthropic activities through the Dangote Foundation,” he said.

He said one of the uniqueness of the 2022 Fair is the flagship event-the Business Round Table on Blue Economy where stakeholders and businesses are brought together. He said companies from India, Pakistan, Morocco, Chad, Senegal, Mali, Niger Republic and Bangladesh are also participating at the Trade Fair.

The companies participating under Dangote Industries Limited are Dangote Cement, Dangote Sugar, NASCON, and Dangote Fertiliser. A statement from the Corporate Communication Department of the Dangote Group said participants who seek to do business with any of the company’s subsidiaries can avail themselves of such opportunities through a Special Desk at the pavilion.

It described Kaduna state as one of its biggest markets in the country, given its historical position as the political capital of Northern Nigeria, saying the newly introduced Dangote Fertiliser which has become the farmers’ bride will be operating a Special Help Desk for customers and farmers.

 

The statement added that apart from the products which are sold at reasonable prices with special packages, gift items are also being presented to customers at the pavilion.

Recently, Akinwumi Adesina, the president of the African Development Bank, AfDB, commended the Dangote Refinery and Fertiliser projects, describing it as the best industrialised project to happen to Africa.

He said the projects, which are far beyond the expectation of his team and himself, would positively affect the economic growth and development of not only Nigeria but Africa as a continent.

The AfDB boss described Aliko Dangote as an enigma, who should be honoured in Africa and even beyond for his passion, vision and determination to develop and ensure that Africa, as a continent, is out of the poverty circle; with his aggressive employment generation scheme across most African countries.

According to him, one of the things I admire the most about Alhaji Dangote is that he actually believes in Nigeria, and he invests his money in Nigeria. He believes in Africa and invests in Africa. Nobody could invest the type of billions of dollars that is here, unless the person not only has the vision but also the commitment and passion for his country. We are extremely proud of you and of your commitment to the continent.

Dangote Industries Limited, core business focus is to provide local, value-added products and services that meet the ‘basic needs’ of the populace through the construction and operation of large-scale manufacturing facilities in Nigeria and across Africa. The Group is focused on building local manufacturing capacity to generate employment, reduce capital flight and increase local value addition.

The group is striving for self-reliance in Nigeria in all the sectors where it operates and has drawn up ambitious plans to set up world-class projects in new realms such as Agriculture, Petroleum Refinery & Petrochemicals, fertilizer, and Telecom. The Group has almost single-handedly taken Nigeria to self-sufficiency in cement and is expanding rapidly across Africa, helping other countries achieve the same.

(Text excluding headline from Leadership)

- Feb. 28, 2022 @ 14:22 GMT |

NCC

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