The Dangote Group, one of the
largest industrial conglomerates on the African continent, has announced plans
to expand its operations into the steel sector.
Olakunle Alake, group managing director of The Dangote Group, made
the announcement during a panel discussion at the Infrastructure Solutions
Summit organized by the African Finance Corporation (AFC) in Abuja.
“Apart from the oil and gas
project that we are doing, we are also one of the key stakeholders that has
supported the government in terms of the infrastructure tax credit scheme, and
we are using local banks to build that capacity across Nigeria.''
Olakunle Alake, group managing director of
The Dangote Group
According to Alake, “Apart from the oil and gas project that we
are doing, we are also one of the key stakeholders that has supported the
government in terms of the infrastructure tax credit scheme, and we are using
local banks to build that capacity across Nigeria. I think that this is our
major focus right now. In another couple of years, we will not go to Central
Bank for foreign exchange for any of our activities, because at the end of the
day, it’s a double situation, you import product which means you are creating
jobs outside Nigeria and you struggle to get the FX.''
“For us, steel is one of the
key areas.''
Olakunle Alake, group managing director of
The Dangote Group
Alake continued, “For us, steel is one of the key areas. You
recall that years back government decided that steel was major and set up
Ajaokuta Steel and Delta Steel.”
In his address, the chairman of the AFC board and the deputy
governor of the Central Bank of Nigeria, Dr. Kingsley Obiora said that energy
and infrastructure were key to the growth of the continent.