Gabon Courts Dangote for Cement, Fertilizer Investments
Gabon opens doors to Dangote's business empire...
President Brice Oligui Nguema invites Aliko Dangote to invest in Gabon's cement and fertilizer sectors, aiming to diversify the economy and reduce oil dependence. Dangote Industries' investment is expected to bring significant benefits, including job creation and technology transfer.
President Brice Oligui Nguema of Gabon met with Aliko Dangote, President and CEO of Dangote Industries Limited, in Libreville, inviting him to explore investment opportunities in Gabon's thriving economy, renowned for its rich oil reserves.
During the meeting, President Nguema spotlighted lucrative investment prospects in Gabon's cement and fertilizer sectors, particularly in the production of urea and phosphate. He expressed eagerness to collaborate with Dangote, emphasizing Gabon's dedication to fostering a favorable business environment for foreign investors.
The partnership with Dangote Industries is expected to yield substantial benefits, including the creation of new jobs, transfer of technology, and increased industrial capacity.
As Africa's leading cement producer, Dangote Cement Plc has a significant presence across ten countries, boasting an annual production capacity of 52 million tonnes and generating revenues of over $3.5 billion in 2022.
Dangote Cement is currently Nigeria's most valuable company, while Dangote Fertiliser Limited operates the continent's largest Granulated Urea Fertiliser complex. Furthermore, Dangote has recently launched Africa's largest oil refinery, with a processing capacity of 650,000 barrels per day.
Aliko Dangote, a trailblazer in African business, reaffirmed his company's commitment to driving economic growth on the continent. He underscored that investing in Gabon's cement and fertilizer sectors is a strategic fit for Dangote Industries, aligning with its mission to expand its presence and promote sustainable development across Africa.
Dangote has long advocated that Africa's path to prosperity lies in harnessing its own resources and expertise. By investing in key sectors like cement and fertilizers, Dangote Industries aims to contribute to the continent's economic transformation and self-sufficiency.
Gabon, a developing nation, enjoys one of Africa's highest per capita incomes, primarily driven by its significant oil reserves. Oil revenues dominate the country's government budget, GDP, and exports, with daily crude oil production reaching approximately 200,000 barrels as of 2023.
The potential investment by Dangote Industries is poised to revolutionize Gabon's industrial sector, ensuring a reliable supply of crucial materials for construction and agriculture. This strategic move aligns with President Nguema's ambitious vision of diversifying Gabon's economy, reducing its dependence on oil, and achieving self-sufficiency.
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