The Dangote Group intends to enter the steel industry with the ultimate goal of elevating Nigeria to the top spot in West Africa for steel production. During his speech at the Afreximbank Annual Meetings (AAN) and AfriCaribbean Trade & Investment Forum in The Bahamas, Aliko Dangote, the president of Dangote Group, disclosed the information.
He declared, “We want to ensure that every single piece of steel we use comes from Nigeria.” He also emphasised the importance of native investors in drawing in international capital, calling on African countries to prioritise their promotion.
He highlighted the significance of fostering an atmosphere that will allow local investors to prosper, using the Group’s successful self-sufficiency in power generation as an example.
The industrialist emphasised that the Group does not currently feed its 1,500 megawatts of power into the national grid, which would have badly impacted it. Instead, the group produces the power for its own consumption.
He also emphasised the vital role that financial organisations like AfreximBank and the African Finance Corporation (AFC) played in the industrialization of the continent of Africa.
Dangote
He claimed that in the absence of these institutions, the continent would be unable to deal with its particular problems and difficulties, which would impede its development towards industrialization.
