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Nigerian conglomerate announces plans to expand into steel sector

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The Dangote Group, one of many largest industrial conglomerates on the African continent, has introduced plans to develop its operations into the metal sector.

Olakunle Alake, group managing director of The Dangote Group, made the announcement throughout a panel dialogue on the Infrastructure Options Summit organized by the African Finance Company (AFC) in Abuja.

“Other than the oil and gasoline undertaking that we’re doing, we’re additionally one of many key stakeholders that has supported the federal government by way of the infrastructure tax credit score scheme, and we’re utilizing native banks to construct that capability throughout Nigeria.”

Olakunle Alake, group managing director of The Dangote Group

In line with Alake, “Other than the oil and gasoline undertaking that we’re doing, we’re additionally one of many key stakeholders that has supported the federal government by way of the infrastructure tax credit score scheme, and we’re utilizing native banks to construct that capability throughout Nigeria. I feel that that is our main focus proper now. In one other couple of years, we won’t go to Central Financial institution for international alternate for any of our actions, as a result of on the finish of the day, it’s a double scenario, you import product which implies you’re creating jobs outdoors Nigeria and also you wrestle to get the FX.”

“For us, metal is among the key areas.”

Olakunle Alake, group managing director of The Dangote Group

Alake continued, “For us, metal is among the key areas. You recall that years again authorities determined that metal was main and arrange Ajaokuta Metal and Delta Metal.”

In his tackle, the chairman of the AFC board and the deputy governor of the Central Financial institution of Nigeria, Dr. Kingsley Obiora mentioned that power and infrastructure have been key to the expansion of the continent.

“The hot button is unlocking new sources of funding; each worldwide and home.”

Dr. Kingsley Obiora, chairman of the AFC board and deputy governor of the Central Financial institution of Nigeria

In line with Obioara, “The hot button is unlocking new sources of funding; each worldwide and home. Be assured such capital is accessible. It’s locked in pension funds, insurance coverage firms, sovereign wealth funds and mutual funds. We’re restricted solely by our capability to cut back danger for buyers and supply secure, regular and aggressive returns.”

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