Dangote is investing $5 billion to build an African cement empire, with factories in Cameroon, Senegal, Ethiopia, Zambia and South Africa.
Recently, its $300 million Greenfield cement plant in Senegal rolled products into the market in that country, thus contributing immensely to increase cross-border investments within the continent.
Cross-border investments or Africans investing in Africa (AIA) is deemed to be growing by more than 30% per annum.
According to Ernst & Young(EY), South Africa is the largest domestic investor in the continent (Shoprite, Standard Bank, bottler Coca-Cola Sabco and telecom group MTN), accounting for 35%, followed by Kenya with 16% and Nigeria with 11.6%.
EY further noted that between 2003 and 2011, intra-African investment into new FDI projects in Africa grew at a 23% annual compound rate, Since 2007, that rate has increased to 32.5%.
Nigeria’s Ambassasor to Senegal and Mauritania, Katyen Jackden, said “I am very proud of what Dangote is doing by promoting intra -African investments, promoting regional development, industrialisation and cohesion among African nations with his investments.”
“We need more Africans like Dangote to be at the forefront of promoting intra- African investments,” she stated.
“As a government, we look forward to get more revenue from the sector and for our local communities surrounding the plant. More jobs that will reduce poverty and generate more upstream and downstream activities”
Serigne Mbacke, Distributor West Africa: noted “We are already exporting 18% of the production to Mali and the total export figure is 40%; if exports to other countries are combined.
The demand for Dangote cement is everywhere; we have people coming from Gabon and Cape Verde, Guinea Bissau coming to buy the product.
