Dangote Industries Limited, controlled by Africa’s richest man, Aliko Dangote, has received approval from Nigeria’s Federal Executive Council (FEC) for a road development project for N158 billion ($97 million).
The project will connect the Lekki Deep Sea Port to the Shagamu-Benin Expressway through Epe, improving transportation infrastructure in Lagos, Nigeria’s economic hub.
This is the eighth infrastructure project done by the Dangote Group under the Federal Government’s infrastructure tax credit system, highlighting the conglomerate’s critical contribution in national road development.
The project is funded by the Federal Government’s Road Infrastructure Development Fund and Refurbishment Investment Tax Credit Scheme, which allows private companies to finance public infrastructure projects in exchange for tax credits.
The additional service lanes are anticipated to relieve congestion in Lagos, notably near the Lekki Free Trade Zone, which houses a variety of companies.
The road upgrade will speed up the flow of commodities from the Lekki Deep Sea Port, relieving pressure on internal road networks and enhancing access to other parts of Nigeria.
The decision was revealed following an FEC meeting headed by President Bola Tinubu, and Bayo Onanuga, Special Adviser on Information and Strategy, spread the news via social media.
Dangote Industries Limited, Africa’s most diversified company, has continued to expand across several sectors, including cement, sugar, energy, and petrochemicals.
The firm recently received $105 million from a Central Bank of Nigeria (CBN) foreign exchange auction, strengthening its financial operations.
The business is considering selling a 12.5% stake in its new refinery due to liquidity problems and challenges with sulfur diesel production.
Despite postponing plans for a new steel facility in Nigeria, the business remains focused on infrastructure and industrial growth, with revenue forecasts exceeding $30 billion by 2024.
