Future of Nigeria is manufacturing, not banking – Dangote
Category: Nigeria Economy
February 7, 2012
Dangote Group has explained that it has discovered that the future of the Nigerian economy is not in banking but in manufacturing, indicating why it offloaded its investment in banking to go into manufacturing.
The manufacturing giant stated that the Nigerian economy is not beyond salvage, it only requires a visionary leadership and concerted efforts at development strategies to achieve a turn-around.
Aliko Dangote, president/chief executive of Dangote Group who made the disclosure during a visit to his office by the Kaduna Chamber of Commerce, Industry, Mines and Agriculture, said the company earned more than $300 million in cement business, adding :“We would be commissioning a six million metric tonne cement plant and 112.5 MW power plant at Ibese in Ogun State in the coming week.”
Dangote stated that when commissioned, the plant would have the capacity of loading one track of 800 bags of cement per minute.
“A few years ago, when we discovered that the future of the Nigerian economy was not in banks, we sold off our two banks and invested in the cement business, that is what brought us to this level,” Dangote said.
Umar Yahaya, president, Kaduna Chamber of Commerce, Industry, Mines and Agriculture said Dangote Noodles was the highest selling product at the 2011 Kaduna International Trade Fair.
Yahaya said they were in Lagos to congratulate Dangote Group on the phenomenal growth of the company which made it the largest conglomerate in Africa, adding that the chamber appreciated the support the company had always extended to it during the trade fair.
“We continued to support you not because of the sales but to help turn around the northern economy, Dangote said.