President Brice Oligui Nguema of Gabon has invited Africa’s wealthiest man, Aliko Dangote, to invest in his country. According to Dangote Industries Limited, the billionaire was asked to explore investment opportunities in cement and fertilizer production, specifically urea and phosphate.
In a statement, Dangote Group said, “President Brice Oligui Nguema of Gabon has invited the President and Chief Executive Officer of Dangote Industries Limited (DIL), Aliko Dangote, to invest in cement and fertilizer production in Gabon.” The President emphasized the potential benefits of such investments, highlighting job creation, technology transfer, and enhanced industrial capacity.
During his visit, Dangote discussed with Nguema and other top government officials how Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertilizer plants. These developments are crucial for the country’s infrastructure and agricultural productivity.
The invitation from Gabon, an oil-rich nation, comes amid tensions between Dangote, oil marketers, and top government officials in Nigeria. Dangote recently disclosed that a cabal was obstructing his efforts to import crude, which had slowed down operations at his petroleum refinery. The situation worsened when the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) claimed that the Nigerian government had not yet licensed the Dangote Refinery to begin operations.
Farouk Ahmed, Chief Executive Officer of NMDPRA, clarified this while speaking with State House correspondents, stating, “Dangote refinery is still in the pre-commissioning stage. It has not been licensed yet. We have not licensed them yet. I think they are at about 45 percent completion. So we cannot rely heavily on one refinery to feed the nation because Dangote is requesting that we should suspend or stop all importation of petroleum products and direct all marketers to the refinery.”
Ahmed added that such a request would promote monopoly in the market, which is not beneficial for the nation’s energy security. He pointed out quality concerns, stating, “Dangote Refinery, as well as some major refineries, produce 650 to 1,200 ppm, whereas the imported commodities have much lower sulfur content.”
In response, Dangote emphasized that his products meet international standards and questioned the attacks against him. He recounted how a friend had advised him against investing billions in the Nigerian economy due to policy inconsistencies and interest group shenanigans.
To address the ongoing crisis in the oil sector, Nigerian Minister of State for Petroleum, Heineken Lokpobiri, invited Dangote and top officials for a meeting to seek a resolution.
(DailyTrust)