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Dangote’s Cement, Fertiliser Investment Hits $9bn

Category: Investors NewsBeat

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Dangote’s Cement, Fertiliser Investment Hits $9bn

November 29, 2011

The President, Dangote Group, Alhaji Aliko Dangote, has said his investment in cement and fertiliser in Nigeria alone will hit $6 billion and $3 billion in other West African countries by 2012.

Dangote, who stated this in Abuja while receiving the Prince of Saudi Arabia, HRH Al-Waheed Bin Abdul-Aziz, enjoined the Prince not only to invest in entertainment industry alone but in transportation, education and tourism in Nigeria.

The business mogul said Nigeria is a fertile land for investors and with the coming of the Saudi Arabian Crown Prince, both parties would have a lot to gain at the end of the day.

“I want to heartily welcome you, your Royal Highness to Nigeria. Indeed, we are very happy to be your host and I want to assure you that the land will yield its abundant fruits unto you by the time you invest here.

“Our people are friendly and will co-operate with you to move this nation forward. I and other business men and women here have invested in this country, in fact by next year, our cement and fertiliser investment in the country will hit $6 billion, while in other West African countries it will hit $3 billion,” Dangote disclosed.

Speaking on what the Crown Prince stands to gain in investing in entertainment industry, the Chairman, Dangote Groups said the industry is one of the fastest growing on in the country, with about seven and half per cent growth.

While wishing Prince Abdul-Aziz a fruitful stay in the country, Dangote promised Federal Government readiness in providing the necessary incentives for his businesses to thrive in Nigeria.

Reiterating Dangote’s claim of environment friendly business in Nigeria, the Executive Secretary, Nigeria Investment Promotion Commission (NIPC), Mr. Mustafa Bello, said the Federal Government would provide five years corporate tax holiday, 140 per cent capital allowance in research and development, among others to the Saudi Arabian Crown Prince.

Bellopromised President Goodluck Jonathan’s readiness to do more for Abdul-Aziz whenever he kick-starts his purported investment plan in the country.

The NIPC boss, who played host to the Prince, said his commission would do everything possible to fast-track the investment processes once it is ready.

Chief Femi Otedola, who was optimistic that one day the Prince would invest in Nigeria after his large investment in Sydney, said by the time Abdul-Aziz starts his investment in the country, he would not want to go back to any other country.

“Your Royal highness, it is not a surprise to me that you have finally signified interest in investing in Nigeria. I knew you would one day do so after your initial investment in Sydney. I want to assure you sir, that by the time you finally come to Nigeria, you would not want to go back again because of the business environment friendly you will experience,” he said.

Otedola therefore called on the Saudi Prince not to delay in his coming as he would gain lots more in coming immediately to invest in the country.

The Saudi Arabian Prince, who had earlier spoken through an interpreter that his main visit to Nigeria is to invest in entertainment industry in the country, said with the way he was well received and entertained, there is a clear indication that Nigeria is a place to be.

He thanked President Jonathan and his host, Bello, for the kind reception he received so far from them and the business community.

Source: Thisday


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