Dangote Plans To Go Into Steel Production, Explains Decision

• Aliko Dangote is set to launch a steel production company, expanding his already impressive industrial portfolio
• This comes days after he opened a truck assembly plant and completed his 650,000 barrels per day (BPD) refinery
• Dangote has outlined his plans for the next business venture and hopes to make the same impact as he has with his other businesses

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Aliko Dangote, Africa's richest man and a leading industrialist, is preparing to embark on his next ambitious venture: a steel production company.

Dangote disclosed his new ambition while speaking at the Afreximbank Annual Meetings (AAN) and AfriCaribbean Trade & Investment Forum in Nassau, The Bahamas, on Wednesday, June 12.

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Dangote said:

"We want to make sure every single steel that we use will come from Nigeria."

“What I keep telling people is that, look, we as Africans, please, don’t be deceived, no foreigner can come and make your continent great. It must be the domestic investors.

"Because domestic investment is what actually attracts foreign investment.”

According to ThisDay, Dangote's new steel company is expected to boost Nigeria's steel production capacity significantly, reducing the country's reliance on imports.

Aliko Dangote inaugurates truck company

Dangote's recent discussions on a new project exemplify his self-driven nature and determination to achieve what many can only imagine.

A few days ago, his company, Dangote Sinotruk West Africa, inaugurated a completely knocked down (CKD) truck assembly plant in Lekki, Lagos state.

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Legit.ng reports that the truck plant can produce 10,000 trucks annually and create about 3,000 jobs across Nigeria.

Additionally, there is a Dangote Oil Refinery, a 650,000 barrels per day (BPD) integrated refinery in the Lekki Free Zone.

Dangote to earn $30bn from refinery, others

Legit.ng previously reported that Dangote revealed his expectation that the total revenue from his businesses would surpass $30 billion by the close of 2024.

The Nigerian billionaire and founder of the Dangote Group is renowned for his extensive business empire, which includes subsidiaries specialising in a wide range of goods and services across various sectors of Nigeria's economy.

In a CNN interview, Dangote expressed that this significant growth would position the Dangote Group among the top 120 largest companies globally.

Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng