Nigeria’s biggest investor and Chairman, Dangote Group, Alhaji Aliko Dangote, has disclosed that the Dangote Group has invested over $7 billion in Nigeria in the last 15 years with about $20 billion worth of ongoing investment projects in other sectors across the country.
He also expressed his confidence in the Nigerian economy with its large market size despite the current recession the country is passing through, stating that his group has transformed Nigeria from being highly dependent on cement imports to becoming a net exporter to seven other West African countries.
He went on to state that significant investments are required to grow Nigeria’s economy and diversify income sources. He advised that there was a need to harness local investment opportunities and attract inflow from Nigerian savings in foreign banks and the diaspora.
Dangote made this disclosure during his official visit to the Nigerian Investment Promotion Commission (NIPC) at their headquarters in Abuja.
In his address to the Commission titled: “Stimulating Local Direct Investment to grow Nigeria’s economy”, Alhaji Dangote shared his investment experience in Cement, Flour, Sugar and Salt refinery, Noodles, Packaging, and Construction.
He stated that the Dangote Group has invested over $7 billion in Nigeria in the last 15 years and further disclosed that there was $20 billion worth of ongoing investment projects in other sectors.
He advised the Commission to strengthen its data collection capability and enhance services to investors in the real sector, noting that the focus should be on serious investors who are in for the long haul. What drives foreign direct investment is the success of domestic investments, he said.
While receiving his guest, Executive Secretary/CEO of NIPC, Ms. Yewande Sadiku, cited the Dangote Group as a success story with high degree of patriotism in business, saying that it was only after he conquered Nigeria that Dangote ventured outside.
Recall that Dangote was a one-time member of NIPC’s Governing council. His visit to NIPC is one of the efforts of the Commission towards a successful “Direct Investors’ Summit, Nigeria 2017” coming up in October, this year.
Similar engagements by NPIC were held with Commercial Attaches of seven focus countries, State Investment Promotion Agencies, and other stakeholders. Engagements with lawyers, consultants, investment bankers, institutional investors and other professionals are due to follow.
The summit is being organised in partnership with the National Bureau of Statistics (NBS) and would provide a platform for investors to obtain comprehensive information on available investment incentives, data-driven research on investment opportunities and showcase investment-ready projects across priority sectors of the Nigerian economy.
The NIPC is the foremost agency of the Federal Government charged with the responsibility of collecting, collating, analysing and disseminating information about investments in the country. While the NBS are the custodians of Nigeria’s official statistics.
Source – Daily Times
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