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Dangote, Elumelu champion FDI in Africa

By on September 5, 2015

Nigerian entrepreneurs are pushing the frontiers of Foreign Direct Investment on the African continent.

Banker, Tony Elumelu, whose $100m entrepreneurship foundation has already benefited young people in 54 African countries and businessman, Aliko Dangote, whose investments ` span 17 African countries, are two Nigerians doing the country proud as drivers of African private sector- led foreign direct investment.

Dangote had said Africans should drive foreign investment in Africa, stressing that there should be a departure from the past when Africans waited for foreigners to come and invest on the continent.

During the recent inauguration of another cement plant in Cameroon, he pledged to increase his investment in the country by speeding up work on the second phase of the plant, which will see the doubling of its capacity from the current 1.5million mtpa to 3.0million mtpa

The Cameroon plant is the seventh cement plant Dangote has inaugurated in one year.

According to a statement credited to him, the plant is the group’s largest Greenfield project in a neighbouring country.

He said, “This plant is our largest Greenfield project in a neighbouring country with which we not only share a boundary but also a long history of brotherly relationship dating from our colonial days.

“Our desire to increase our investment with the Phase 2 project is based on not only the fast growth rate of the Cameroonian economy but also due to the warm welcome extended to us and the enabling environment created by the government of Cameroon.

“Our choice of Cameroon for this multimillion-dollar investment is quite strategic. Cameroon is the largest economy in Central Africa and is well endowed with abundant natural resources. The country also enjoys political stability, adequate security and growing infrastructural development. In addition, President Biya has created an enabling environment that has continued to attract investors both from within and outside the African continent.”

On his part, Elumelu maintained that what Nigerian entrepreneurs had done by investing in sister African states could be termed ‘African Capitalism.’

In an interview with our correspondent, he said Nigerian entrepreneurs were engaged in long- term investments in key sectors that woud lead to the development of the African continent.

He said, “It is when African private sector business leaders invest this way that our continent can be developed.

“Also when Nigerian private sector operators go to other countries to do business, it helps to foster the relationship between the countries involved.

“In my group, we also have investment outside Nigeria and there is a very healthy relationship between Nigeria and these countries.

“That is the kind of leadership we want our private sector leaders to provide for our young ones.”

Commending Dangote for his investment in African countries, Elumelu said, “What Dangote has done by moving out of Nigeria and investing in other African countries is a new form of economic diplomacy that we need in Africa. It is the kind of investment that is helping to create employment and capitalise the economy of rural communities in Africa.”

 

[Punch]