Nigeria

special advertising section7The Dangote cement factories inBenue and Obajana will produce 7.5million tons this year and 10 milliontons by 2009. Demand currently standsat 11 million and is expected to rise incorrelation with economic growth.By 2012, says Dangote, annual productioncapacity is expected to hit 20million tons, and there will be enoughcement produced to sustain exports toNorth and South America. “Nearlyeveryone who had shares of BenueCement has now become a millionaire,”he says.The group’s sugar refinery, the largestin Africa, will soon produce the equivalentof 50% of the imported commod -ity. “This investment alone will createabout 35,000 jobs,” says Dangote. Itwill also offer a big advantage for localand multinational companies that needa cost-effective source of sugar.Dangote argues that private-sectorledgrowth is the primary engine ofsustained development and selfreliancein Nigeria because it bringstrickle-down benefits for small andmedium-sized businesses and for ordinarycitizens.“We are currently building a tomatoprocessingfactory,” he says. “Thismeans there will be a massive numberof farmers growing tomatoes becausewe will be guaranteeing them a market.If I open a factory to producepotato chips, it means every personfarming potatoes can supply me.”Banking, insurance and pension“What we are doing today in Dangote isnot magic. It is just that we are consistentin doing the right things.“Aliko Dangote, president and chief executive, Dangote Groupreforms have increased the capacity ofthe private sector, he says, empoweringprivate enterprise to lead the country’seconomic growth. “By next year, themargin of money the banks have willforce them to go into mortgages andsimilar services because they will havenowhere to put the money. The bankshave massive liquidity. You can raiseanything from $2 billion and belowlocally because the banks are hungryfor business.”Dangote’s group employs tens ofthousands of workers in the valueaddedmanufacturing and agriculturesectors, and it undertakes corporateresponsibility in the areas of health andeducation.“We have a three-year investmentprogram. We are spending $5.4 billionin the next threeyears. This is nota dream, as wealready have thatsum. It will turnDangote into a$13 billion to $14 billion turnover companyby 2011,” he says.“What we are doing today inDangote is not magic. It is just that weare consistent in doing the right things.We have a vision. We know where wewant to go and we are creating sustainablework.” ❖