President Brice Oligui Nguema of Gabon has urged President and Chief Executive of Dangote Industries Limited, Aliko Dangote, to explore investment opportunities in Gabon, a country known for its abundant oil resources.
During their meeting in Libreville, yesterday, Nguema emphasised potential investments in cement and fertiliser production, specifically urea and phosphate.
President Nguema expressed enthusiasm about the potential partnership, highlighting Gabon’s commitment to creating a conducive environment for foreign investments. He noted that the collaboration with Dangote Industries would bring significant mutual benefits, including job creation, technology transfer, and enhanced industrial capacity.
Dangote Cement Plc, Africa’s top cement producer, operates across ten countries with an annual production capacity of 52.0 million tonnes and revenues exceeding US$3.5 billion in 2022. Currently, Dangote Cement is Nigeria’s most capitalised company, and Dangote Fertiliser Limited operates Africa’s largest Granulated Urea Fertiliser complex. Additionally, Dangote has launched Africa’s largest oil refinery, capable of processing 650,000 barrels per day (BPD).
Dangote’s invitation by Nguema comes at a time when the businessman faces backlashes from Nigerian authorities over the 650, 000 litres capacity refinery at the Lekki-Epe expressway Free Trade Zone.
While commenting at the meeting, Dangote, renowned for his successful business ventures across Africa, reiterated his company’s dedication to fostering economic development in the continent.
He emphasised that investing in Gabon’s cement and fertiliser sectors aligns with Dangote Industries’ strategic vision of expanding its footprint, and supporting sustainable development across Africa.
Dangote has consistently affirmed that Africa’s future prosperity hinges on leveraging its own resources and capabilities.
“We are excited about the opportunity to invest in Gabon. Our goal is to contribute to the country’s economic diversification and industrialisation efforts. By leveraging our expertise in cement and fertiliser production, we aim to support Gabon’s infrastructure and agricultural sectors,” Dangote stated.
Gabon, a developing nation, boasts one of Africa’s highest per capita incomes, largely due to oil revenues, which constitute a significant portion of the government budget, GDP, and exports.
As of 2023, Gabon produces approximately 200,000 barrels per day (bpd) of crude oil.
The potential investment by Dangote Industries in Gabon is expected to bolster the country’s industrial landscape, ensuring a steady supply of essential materials for construction and agriculture.
This development aligns with President Nguema’s vision of transforming Gabon into a diversified and self-sustaining economy.