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Dangote Challenges Local Investors On Economic Diversification

..To increase its $150m investment in Cameroon with new line

President Of Dangote Group Challenges Private Investors To Rise Up To The Challenge By Initiating Fresh Investments


As the nation’s economy comes under pressure due to the paucity of funds occasioned by the fall in the price of crude oil in the international market, President of Dangote Group has challenged private investors to rise up to the challenges by initiating fresh investments in manufacturing and agriculture.

The business mogul who lamented over dependence on oil to the detriment of other viable sectors, urged Nigerian and international businessmen to lead in the task of diversification of the economy as the only viable option to the current economic quagmire.

Address some business executives in Lagos on the new initiatives of his pan African conglomerate, Dangote stated that it has become apparent that Nigeria needed to move away from a monolithic economy that thrives only on trading of oil and gas.

He explained that the situation in Nigeria in which states government could not be meet their obligation to pay salaries and Federal Government not having enough to meet its needs called for concerted efforts to take drastic step that will move the economy away from its present one sector dominance to other areas like agriculture, mining and manufacturing.

According to him, his Group apart from building a refinery and a petrochemical company is also into fertilizer plant construction to help in agric sector while on the other hand, it has also invested heavily in rice cultivation. He explained that all these ventures are capital intensive but with prospects for massive job opportunities which Nigeria needs at this time.

Dangote has urged Nigerians to see the currently challenges being faced by the country as a passing phase which make the country to be more economically stronger in the future. He expressed his abiding faith in Nigeria as an economically viable nation noted that Nigeria still remain the destination of choice for investments despite the challenges and pressed the hope that with good support and encouragement from the government of the day , the current challenges would soon be a thing of the past and Nigeria would come out stronger from it. Said he; “I have always said it that Nigeria is a good place to investment.

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 going our economy. It shouldn’t stop us from investing. It’s just a passing phases.

Other countries whom 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.” Aliko Dangote, also at the weekend, disclosed the company’s fresh investment drive towards expanding the output from its Douala plant from the current 1.5 million metric tonnes per annum (mmtpa) to over 3 mmtpa by investing in a similar plant in the vicinity of Yaoundé.

Dangote during his recent visit to Cameroon met the Prime Minister Philemon Yang , minister of industry , mines and technological development Emmanuel Bonde and the minister of trade Luc magloire Mbarga Atangana, thanked the government for creating an enabling environment for cement production in the country.


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