Dangote Group, says it is committed to scaling up its investments in Nigeria, in area of manufacturing finished goods and products that are usually imported in the country, a move said to be in support of the nation`s desire for economic diversification.
The group revealed that the decision was in line its corporate strategy borne out of the need to help Nigeria to reduce importation, and curbing the exportation of raw -material that is draining the country`s foreign earnings.
Aliko Dangote, president of the group, made this disclosure weekend, during the Special Day of his company, at the ongoing 45th Kano International Trade Fair, holding in the commercial city of kano, north west Nigeria.
Dangote, whose address was delivered by Aliyu Dawo Aliyu, director, in charge of the Northern Office, Dangote Cement, said that in line with his vision for Nigeria, the new petroleum refinery established by the group has started the exportation of finished products across the world.
Just as the group has also commenced the exportation of finished fertilizer, and, exports of these products have created an upended distributive system which now position the country as an end destination, and origin of refined export products, he further said.
In addition to this development, he stated that also the company has also started the exportation of refined petroleum byproducts such as ‘naphtha, a development would assist the country in earning additional foreign exchange overtime.
“The theme of the 2024 Kano International trade Fair, “Non-Oil Export for Economic Prosperity “, aligns closely with Dangote `s vision of economic diversification. Our investment strategy is to produce domestically goods and products that were usually imported.
“We adopted backward integration as our industrialization strategy and built plants to harness the raw materials that were exported or even neglected in favour of imports. Our cement subsidiary, Dangote Cement evolved from cement bagging to company having integrated plants.
“Dangote Cement has three integrated plants in Nigeria-Obajana cement, Ibese Cement Plant, and the Gboko Cement Plant. The three plants have helped Nigeria to become self-sufficient in cement production and we now export cement to neighboring countries, contributing significantly to non-oil export for economic prosperity.
“Dangote Fertilizer Limited is the largest Granulated Urea Fertilizer Complex in Africa. The plant has a capacity for 3 MMTPA, with a vision to making Nigeria self-sufficient in food production by improving crop yield and overall productivity for the farmers. Dangote Packaging Limited, DPL, is a subsidiary of Dangote Industries, established to meet the needs of Business units, as well as the economy manufacturing and productive sector”, further stated.
Commenting on his group investment of about $100 million in a joint venture-Dangote SINOTRUK West Africa, Dangote said that the venture was formed to assemble different types of trucks, pointing out that the company is owned 65 percent by the group, while, SINOTRRUK owns the 30 percent, and, Andaz owned the remaining 5 percent.
“Dangote Sugar is the leading brand that has made a remarkable impact on the Nigerian Sugar Sector. The company is committed to ensuring that Nigeria ends the importation of raw material of raw sugar into the country by actively executing a robust backward integration.
“About $700 million had been invested in Land Acquisition, Machineries, Infrastructure, Manpower, Community Relations, Corporate Social Responsibility, and other impactive activities.
“In order to support the government in Food security, we have been investing in the agriculture sector. These agricultural products will soon be in the market. NASCON Allied Industries Plc (Dangote Salt), one of our subsidiaries that produce salt, seasoning and spices is also into exportation of its products”, he added.
SOURCE: Businessday