Dangote Discloses Plan for Further Investment Expansion

President of Dangote Group, Aliko Dangote, yesterday announced that plans were on in the company to intensify its investments in the private sector through the expansion of its existing capacity and increased stakes in fresh investments.

Dangote who made the announcement at a dinner in his honour to mark his emergence as The Guardian Newspapers Man of the year, also stated his company’s preparedness to partner with the media to conduct a comparative analysis and study bordering on the volume of investment between the federal government and Dangote Group.

According to him, despite being the single largest investor in the nation’s economy, his company was exploring new areas of investments where needs in the society could be met while expanding its investments in the oil and gas industry through the petrochemical plant which was under construction.

Dangote commended the newspaper for the award, describing it as the best award received in 2015.

He noted that feats by indigenous investors were often times not recognised by their countries and in the local media, thus, making The Guardian award notable and commendable

When we announced our plans and target of one million metric tonnes of Cement capacity, we were seen as unserious, but today, we receive letters from different countries to come and invest. We are considering investments in essential commodities to meet needs of our people.

“I don’t know how The Guardian Newspapers got their ranking criteria, but I must say it is commendable considering that we are never appreciated at home. I don’t need an award to tell me how much I’m worth or being among the powerful people in the world. This recognition is highly appreciated.

“What we have achieved with our investment in the Cement industry is to drop the price of Cement. Presently, our sales is about 45 per cent but we are targeting a sales volume of 70 per cent by the end of this 2016. The gas pipelines we are trying to build will be the biggest in the country surpassing the federal government’s own”, he added.

On diversification, Dangote noted that the group was already helping the nation to diversify adding that the situation was a blessing in disguise prompting states to exploit their natural resources and add value.