Dan­gote Group’s rev­enue to hit $30bn in 2019

Daily Trust - - CITY NEWS - From Zakariyya Adaramola, Jo­han­nes­burg

Africa’s rich­est man and Pres­i­dent of Dan­gote Group, Alikote Dan­gote, has said the rev­enue of the group will hit $30 bil­lion by 2020.

Dan­gote also said the African Con­ti­nen­tal Free Trade Area (AfCFTA) agree­ment signed by most African coun­tries would fail ex­cept they started mas­sive pro­duc­tion of goods on African soil.

Forty-four African coun­tries have al­ready signed up to the trade agree­ment aimed at paving the way for a lib­er­alised mar­ket for goods and ser­vices across the con­ti­nent.

How­ever, Nige­ria has not signed up to it as the coun­try’s top of­fi­cials said the AfCFTA was still be­ing stud­ied.

Speak­ing yes­ter­day as one of the pan­elists in the first Pres­i­den­tial In­vest­ment Chat at the on­go­ing Africa In­vest­ment Fo­rum hold­ing in Jo­han­nes­burg, South Africa, Al­haji Dan­gote said the AfCFTA would not work un­til African coun­tries made pol­icy that dis­cour­aged im­por­ta­tion and en­cour­aged mas­sive pro­duc­tion of goods lo­cally.

Dan­gote, who dis­cussed in­vest­ment in Africa, along with Pres­i­dent Cyril Ramaphosa of South Africa, Pres­i­dent of the African De­vel­op­ment Bank (AfDB) Dr. Ak­in­wunmi Adesina, and Chair­man of Al-Ghu­rair Group, Ab­dul Aziz Al-Ghu­rair, also said coun­tries in Africa should at least have min­i­mum of 80 to 85 per cent lo­cal con­tent in pro­duc­tion of goods and prod­ucts.

He said, “No­body would come and de­velop Africa ex­cept Africans them­selves; only Africans can truly make things hap­pen on the con­ti­nent.’’

He said by 2020, Dan­gote Group’s rev­enue would hit $30bn be­cause many of its “bold in­vest­ments” would have yielded more fruits.

“When peo­ple were run­ning away from in­vest­ing in Africa, we were putting our money, in­vest­ing across the con­ti­nent. If we re­ally de­ter­mine, we can make Africa great; the prospec­tive are there’’, he said.

He said the group had in­vested $4.8bn across Africa in the last four years.

He ad­vised heads of state to en­trepreneur­ship dis­cour­age im­por­ta­tion. African en­cour­age and

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