African investors should emulate the investment-focused initiatives of Nigeria-based multinational company, Dangote in order to drive development across the continent. So says Ethiopia’s former Prime Minister, Hailemariam Desalegn.
In a recent statement issued this April, Desalegn described the investment of the Dangote Group in Africa’s oil refining sector as “exceptional and enormous.” He urged other private sector investors to take a cue from the group’s investment drive.
Desalegn was speaking during a tour of the famous Dangote Jetty, Fertiliser and Refinery Plant. He said the President of Dangote Group, Aliko Dangote has enormous influence in the sector and that his involvement in the general economic wellbeing of the whole of Africa is unquantifiable.
He encouraged other investors to consider the strategic nature of investments made by the conglomerate and emulate them in order to enhance the value of the continent’s economy.
“I think this is a lesson for other African investors to take risk and bring about big change. A mega project of this magnitude, actually needs dedication and commitment, as well as sacrifice,” said Desalegn.
He insisted that Africa needs massive investment like the Dangote Refinery for economic development.
Desalegn argued that investors in the continent must recognize that investment in essential sector would remain critical to sustainable economic growth.
“I think this project is not only for Nigeria, but for the entire African countries”, he added.
Dangote Industries Limited Group Executive Director, Strategy, Portfolio Development & Capital Projects, Devakumar Edwin, said the project would provide 135,000 retail outlets, 26,716 filling stations and 129 depots in Nigeria, while the 2,600 trucks for transport will create additional jobs.
Another invaluable area of interest the project will enhance is in the area of skill development and capacity building for Nigerian. Already, Mr. Edwin said training of second batch of Nigerian Engineers has started in Delhi India.
“We are sending all engineers abroad in batches. They will engage in classroom training for one month and on the job training of one year. They will be working with real time experts in the industry every day,” he said.
Edwin said the company was also constructing the largest fertiliser plant in West Africa with the capacity to produce three million tonnes of urea per year.
The Dangote Fertilizer Complex, consisting of Ammonia and Urea plants, is conceived to be one of the world’s largest fertilizer plants with a total capacity of 3 Million Tonnes per Annum of Urea fertilizer. The facility is therefore positioned to bridge the gap between local demand and national capacity.