Dangote Industries: Repatriating $687.98 Million, Reinforcing Faith in Nigeria

In a resounding display of confidence in the Nigerian economy, Dangote Industries Limited has announced that it successfully repatriated over $687.98 million through various Nigerian banks.

The company revealed that it brought in $576,008,672.41 through these banks, coupled with a $111,968,109.38 cash swap arrangement between Dangote Cement Plc and Ethiopian Airlines.

Dangote Industries, a conglomerate with vast interests in diverse sectors, has reiterated its unwavering commitment to Nigeria.

The company lauded the efforts of President Bola Ahmed Tinubu’s government in revitalizing the nation’s economy, emphasizing its deep-rooted belief in the nation’s potential.

“We are not body-shop investors. We believe in Nigeria, and we believe in Africa. We are genuine and authentic about our investments, and we call on all relevant agencies to investigate our FX transactions in the past 10 years and make public any infraction noticed or discovered,” stated the company.

Furthermore, Dangote Industries clarified that all foreign exchange purchases related to its African Project Expansion were legitimate and employed for their intended purposes.

The firm pointed out that the projects financed by these funds have been visibly beneficial to the regions where they were executed.

The company’s massive investments in Africa not only showcase its unwavering commitment to the continent but also have the potential to boost Nigeria’s foreign exchange earnings and contribute to the stability of the foreign exchange market in the near future.