Gabon’s President Brice Oligui Nguema has asked Aliko Dangote, President and CEO of Dangote Industries Limited, to investigate investment prospects in Gabon, a country noted for its enormous oil resources.
During their discussion in Libreville yesterday, Nguema emphasized possible investments in cement and fertiliser production, notably urea and phosphate.
President Nguema expressed enthusiasm for the potential relationship, emphasizing Gabon’s commitment to establishing a favorable climate for foreign investment. He stated that the engagement with Dangote Industries would result in major reciprocal benefits, such as job creation, technological transfer, and increased industrial capacity.
Dangote Cement Plc, Africa’s leading cement maker, operates in ten countries and has an annual production capacity of 52.0 million tons, with revenues topping US$3.5 billion in 2022. Dangote Cement is currently Nigeria’s most capitalised corporation, while Dangote Fertiliser Limited has Africa’s largest Granulated Urea Fertilizer Complex. Dangote has also launched Africa’s largest oil refinery, capable of processing 650,000 barrels per day (BPD).
Dangote’s invitation from Nguema comes at a time when the industrialist is under fire from Nigerian authorities over the 650, 000-litre refinery at the Lekki-Epe Expressway Free Trade Zone.
Dangote, known for his successful commercial operations throughout Africa, spoke during the gathering and underlined his company’s commitment to promoting economic development on the continent.
He underlined that investing in Gabon’s cement and fertiliser sectors is consistent with Dangote Industries’ strategic aim of increasing its footprint and promoting sustainable development throughout Africa.
Dangote has consistently stated that Africa’s future success is dependent on harnessing its own resources and talents.
“We are excited about the opportunity to invest in Gabon. Our goal is to contribute to the country’s economic diversification and industrialisation efforts. By leveraging our expertise in cement and fertiliser production, we aim to support Gabon’s infrastructure and agricultural sectors,” Dangote stated.
Gabon, a developing nation, boasts one of Africa’s highest per capita incomes, largely due to oil revenues, which constitute a significant portion of the government budget, GDP, and exports.
As of 2023, Gabon produces approximately 200,000 barrels per day (bpd) of crude oil.
The potential investment by Dangote Industries in Gabon is expected to bolster the country’s industrial landscape, ensuring a steady supply of essential materials for construction and agriculture.
This development aligns with President Nguema’s vision of transforming Gabon into a diversified and self-sustaining economy.
