Gabon’s President Brice Oligui Nguema has extended an invitation to Aliko Dangote, President and CEO of Dangote Industries Limited, to explore investment opportunities in the country’s cement and fertiliser sectors.
This invitation follows Dangote’s recent decision to halt plans for a major investment in Nigeria’s steel industry amid allegations of monopolistic intentions.
Dangote, who is Africa’s wealthiest individual, had initially planned to invest in a new steel plant in Nigeria, with the aim of making the country the primary source of steel for West Africa.
However, the Nigerian government raised concerns that the addition of a steel plant to Dangote’s existing portfolio, which includes a newly built refinery, would grant him undue monopolistic advantage.
Addressing the media at the Lagos refinery, Dangote stated, “Our own board has decided that we should not have the steel plant.
“ If we do, we will be called all sorts of names.”
Dangote used the occasion to urge other affluent Nigerians to invest in their homeland rather than in international locations like Dubai.
He emphasised that domestic investments would significantly contribute to Nigeria’s economic development and prosperity.
“Let other Nigerians go and do it. We are not the only Nigerians here. There are some Nigerians with more cash than us.
“They should bring that money from Dubai and other parts of the world and invest in our own country,” Dangote asserted.
The shift in Dangote’s investment focus comes amidst regulatory challenges. Recently, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, disclosed that Dangote had requested a total suspension of fuel importation into Nigeria.
This request, aimed at ensuring that all oil marketers in the country patronise his refinery for fuel, was met with resistance from the regulatory body.
Ahmed highlighted concerns about potential monopolistic practices and the quality of products from the Lagos-based refinery.
PLATFORM TIMES reports that Gabon’s President Nguema’s invitation presents a new frontier for Dangote Industries.
The West African nation is keen to leverage Dangote’s expertise and resources to develop its cement and fertiliser sectors, which are crucial for the country’s infrastructure and agricultural productivity.
This move aligns with Dangote’s broader vision of industrialising and advancing Africa by processing solid minerals locally.
The discussions between President Nguema and Dangote are expected to pave the way for significant investments, potentially transforming Gabon’s industrial landscape
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