Africa’s richest man Dangote to venture into steel production

<div>Africa’s richest man Dangote to venture into steel production</div>
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Africa's richest man Dangote to venture into steel production

Aliko Dangote, founder of the Dangote Group and Africa’s richest man, has unveiled plans to establish an ambitious steel production company.

He revealed this development while speaking at the Afreximbank Annual Meetings (AAN) and AfriCaribbean Trade & Investment Forum in Nassau on Wednesday.

What Dangote said:

“We want to make sure every single steel that we use will come from Nigeria. What I keep telling people is that, look, we as Africans, please, don’t be deceived, no foreigner can come and make your continent great. It must be the domestic investors. Because domestic investment is what actually attracts foreign investment,” he stated.

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The Dangote Group had previously announced this plan in 2022, with intentions to invest significantly in the steel sector.

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Reiterating the conglomerate’s target of achieving revenue in excess of $30 billion and aiming to be among the top 120 companies globally by the end of 2024, Dangote reiterated his intention to enter the steel business soon.

A few days ago, Dangote inaugurated a new truck assembly plant in Lagos State. The business mogul stressed that Dangote Sinotruk West Africa Ltd (DSWAL) aims to achieve 60% local content once Nigeria’s Ajaokuta Steel Company becomes operational, aligning with his strategic moves into the steel industry.

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Dangote Conglomerate

The 66-year-old billionaire, whose wealth is primarily derived from his 85.2% majority stake in Dangote Cement, the largest cement producer in sub-Saharan Africa, also commissioned his refinery early this year.

This 650,000 barrels per day refinery outranks Europe’s 10 largest refining facilities and is viewed as a transformative force in the continent’s energy sector.

The crown jewel of his business ventures is Dangote Cement, the largest cement producer in sub-Saharan Africa. In January, Dangote Cement surpassed the N10 trillion market cap, becoming the first Nigerian company to achieve this milestone.

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His influence extends to sectors such as sugar, salt, fertiliser, packaged foods, and the recently commissioned $19 billion petroleum refinery, now Africa’s largest.

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