Dangote Group To Invest $350 Million in Congo

Africa’s richest man and the chairman of Dangote Group, a conglomerate spanning interest in cement, sugar, flour manufacturing and other key sectors of the African economy, has inked a $350 Million deal with the Republic of Congo.

Speaking at the signing presentation on Tuesday, Aliko Dangote stated “We are committed to our business all over the world and Congo will be no exception. We are going to invest $350 million in the construction of a fully integrated cement factory with an installed capacity of 1.5 million metric tons per year within the next three years and transform Congo into a net exporter of cement.”

He further stated that the deal will help to improve the relationship between Nigeria and the Republic of Congo, and emphasized on the need for Africans to invest in the development of Africa, rather than wait for FDI inflows from external individuals and bodies.

He explained, “This indeed, shows that Africa is gradually taking its destiny in its own hands rather than wait for investors from outside Africa. Investment in the real sector of the economy is the only way that our continent can achieve the much desired accelerated growth and development that we have yearned for.”

Drawing on the similarities between his company’s recent investments in another sub-Saharan African country, Dangote stated, “The developmental challenges of Africa are quite tremendous. According to a report by the McKinsey Global Institute issued in June 2010, Africa requires at least $46 billion in spending annually to meet infrastructural needs. It is obvious that African governments alone cannot hope to meet this demand due to the various competing needs in other aspects of the economy. This is why private companies are needed to complement the government’s efforts. It is in this light that we have decided to invest in Cameroon .”

He further added, “We are motivated to create an African success story because we believe that entrepreneurship, especially our own home-grown African entrepreneurship, holds the key to the future economic growth of the continent. The fact that Africa offers one of the highest returns on investment (ROI) in the world is an additional incentive for any discerning investor, who can take calculated risks.”

Also speaking at the event on behalf of the Congolese government, the minister for Industrial development Rodolphe Adada stated, “The Dangote project is important to our people and our economy as it enables us achieve President Denis Sassou Nguesso’s vision for a robust and diversified economy.”

“We are proud to have Dangote in Congo and it is a demonstration of an excellent relationship between the governments of the Federal Republic of Nigeria and the Republic of Congo,” he added further.

The Congolese minister also added that the project will boost employment, economic growth and help to curb the country’s dependence on cement importation.

Dangote’s group is quickly emerging the biggest private investor across Africa and is embarking on projects that will cause a paradigm shift in the infrastructure landscape of Africa.