Dangote Commits To Economic Diversification

Dangote Industries Limited (DIL) has restated its commitment to driving the diversification of Nigeria’s economy for growth and job prospects through strategic investments.

This is just as the Lagos Chamber of Commerce and Industries (LCCI) described the company as the pillar and strength of the nation’s economy with its many investments.

The company’s position came from the Group executive director, Commercial Operations, Dangote Industries Limited (DIL), Fatima Aliko-Dangote during the Dangote Group Special Day ceremony at the ongoing 2024 Lagos International Trade Fair in Lagos.

The group executive director, represented by the director, Depot and Logistics, Dangote Cement Plc, Dolapo Alli, said, “at Dangote Group, our focus is on manufacturing. As a manufacturer, we rely on a network of suppliers and service providers for inputs and materials that we cannot source on our own.

“This commitment informs our active membership in the LCCI and our consistent participation in its activities. Businesses need connections at various levels; business-to-business, distributorship, and ultimately with the final consumers.”

She pointed out that, “our recent flagship project, the Dangote Refinery and Petrochemicals, has commenced operations with the rollout of Premium Motor Spirit (PMS), automotive gas oil, JET A1, and other products, including polypropylene.

“We are optimistic that many new manufacturing outfits will emerge relying on both the products and byproducts of the petroleum complex as feedstock in their production processes.”

According to Hajiya Aliko-Dangote, the evolution of these mutual interdependent industries is expected to revolutionise Nigeria’s economy by creating linkages between different industrial sectors while the linkages will provide cushions to the economy, preventing disruptions in production as raw materials are available.

“Linkages are vital in sustainable economic and industrial development. We are envisioning a connected and interlinked manufacturing sector that will produce goods that are usually imported, and in the process create more jobs for the growing youth population,” it stressed.

She added that, “our business units are at the forefront of creating values. It is on record that Dangote Cement enabled Nigeria to attain self-sufficiency in local production of cement. Nigeria is not only a leading producer of cement, but our export capacity has also helped reduce pressure on foreign exchange.”

Also, the President of Lagos Chamber of Commerce & Industry (LCCI), Gabriel Idahosa said, in a nation facing complex economic challenges, the Dangote Group has remained a pillar of industrial strength and resilience, embodying the values of innovation, diversification, and a steadfast commitment to Nigeria’s economic growth.

He further said, the group’s commitment to backward integration, where inputs are sourced locally whenever possible, has not only reduced its exposure to foreign exchange volatility but also spurred local industry development.