Dangote Responsible for 10% of Nigeria’s Economy

• Dangote Responsible for 10% of Nigeria’s Economy

Africa’s richest man, Aliko Dangote, and his Dangote Group conglomerate are responsible for 10 percent of the Nigerian economy, according to a report published by Time Magazine.

Dangote, who is the richest man in Africa, currently worth $14.1 billion, an amount that is far below 10 percent of Nigeria’s Gross Domestic Product of $404.653 billion, according to the World Bank’s 2016 evaluation report.

However, “Dangote group claims its investments contribute upwards of 10 per cent of Nigeria’s GDP, a figure supported by outside economists,” the Time report stated in part. Suggesting that Dangote Group has investments worth more than $40 billion in various sectors of the Nigerian economy.

This likely take into consideration the ongoing $14 billion refinery project, cement, food products and recently over $100 million investment in rice farming.

The billionaire, who was recently named the 6th most charitable person in the world, owns arguably the largest cement company on the continent, with operating capital of N240 billion as at the second quarter of 2018 and a market capitalisation of N3.62 trillion (about US$10 billion).

Presently, Dangote Cement is the largest Nigerian listed company by market capital, bigger than Nestle and Nigerian Breweries put together.

Dangote, during Financial Times Africa Summit in London last month, said his 650,000 barrels a day refinery will begin operation in the first quarter of 2020.

According to him, the company had to build a new jetty to handle the delivery of heavy equipment and constructed 138 kilometres of road within the area to move equipment around.

He further said the country currently import 90 percent of its refined petroleum products, this he said will end once the US$14 billion refinery is completed and Nigeria, according to him, will be a net exporter of refined petroleum products.