‘We Invested Over $25bn in Oil, Cement, Sugar in Seven Years’
Africa’s richest man, Aliko Dangote, has disclosed that his enterprise conglomerates have invested over $25 billion in sectors akin to oil and fuel, cement and sugar within the final seven years in Nigeria.
Dangote made this assertion whereas talking on the sidelines of the lately concluded 79th United Nations Common Meeting (UNGA 79) within the US.
The enterprise mogul mentioned this funding was meant to sign confidence to others that it’s potential to put money into Nigeria and, by extension, Africa.
“We have to inform them that there are numerous issues occurring in Africa and the sky’s the restrict. Sure in fact, there are some few points right here and there, however these points are solvable,” Dangote mentioned.
As well as, Dangote said that his dream is to make Africa self-sufficient, decreasing the continent’s reliance on imported items and providers.
He additionally expressed a choice for being remembered as somebody who helped form Africa’s future, slightly than merely being often called the richest man on the continent.
Discovering Alternative for Oil Will Take a Lengthy Time
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Aliko Dangote additionally shared his perspective on the shift from fossil fuels to renewable vitality, noting {that a} full transition away from oil will take a substantial period of time.
He said that whereas the transition to renewable vitality is inevitable, the present challenges require Africa to fulfill its electrical energy and vitality wants via sources like pure fuel and coal.
He mentioned: “Transitioning doesn’t occur in sooner or later. It should occur over a time period. If we’re going to transfer from the place we’re straight into renewable vitality, we are going to die.
“Proper now, now we have 600 million Africans with out electrical energy. Now we have pure fuel, coal and different issues. What we do is that now we have to do each on the similar time. Discovering a alternative for oil will take a very long time. Are you aware what you possibly can produce from oil? You produce over 6,800 objects from oil.
“We have to deal with these points. Proper now, we’re having a number of points. We don’t have gas. If we don’t have gas, what do you do? We’re transitioning from fossil gas to compressed pure fuel.”
Will Put money into Renewable Vitality
Moreover, the enterprise mogul said that his firm is dedicated to investing in renewable vitality and intends to guide in such alternatives.
He famous that after establishing a refinery, a fertiliser plant, and different industries, it’s only logical to broaden into the renewable vitality sector.