Business
“Dismantle Trade Barriers To Sustain Growth”, Dangote Urges African Countries
…Commits over $20bn to Pan-African Investments
Rashidat Okunlade Writes
Africa’s foremost entrepreneur and President of the Dangote Group, Aliko Dangote has urged African countries to dismantle all economic barriers hindering free trade among the nations, in order to achieve sustainable growth and development across the continent.
The leading private sector player also expressed the irrevocable commitment of his Pan-African conglomerate, Dangote Industries Limited to solving some of the economic challenges faced by the African continent and her people. To realise this goal, the organisation has committed over 20 billion dollars to investments in several key sectors of the African economy.
Dangote who made this disclosure said the massive investments were meant to turn around Africa’s economic fortunes in the quest for sustained economic growth of the continent through free trade and economic integration.
Left-Right: Lagos State Commissioner for Finance, Dr. Rabiu Olowo; Managing Director, CT Productions, Camelia Oros Tsarouchis; Group Executive Director/Group Chief Risk Officer, Dangote Industries Limited, Dr Adenike Fajemirokun and Regional Executive/Managing Director, Ecobank Nigeria Limited, Bolaji Lawal at the launch of “The World Ahead 2023” a special publication of the renowned The Economist in Lagos at the weekend.
Speaking in Lagos at the launch of a Special publication “The World Ahead 2023” by the renowned media outfit, The Economist, Dangote, who was represented by the Group Executive Director/Group Chief Risk Officer, Dangote Industries Limited, Dr. Adenike Fajemirokun, noted that the crucial task of building a sustainable future that guarantees equitable growth and prosperity for all, should not be the exclusive role of the public sector alone, but should also involve the private sector.
“Our massive investments of over 20 billion dollars across key industries, including Energy, Agriculture, and Infrastructure. Our recently commissioned 3Million Metric Tonnes’ Fertiliser Plant, expansions in cement production, and our soon-to-be commissioned 650,000 barrels per day world’s largest single-train refinery, are all set to empower farmers, foster backward integration, create thousands of jobs, eliminate our dependence on imported products, and improve our nation’s foreign exchange earnings significantly.
“We are also confronting environmental issues through our investment in alternative fuels, as well as unlocking enormous opportunities in the communities where we have our footprints, while ultimately ensuring that we keep delivering huge value to our shareholders.
“The multilayered issues that we face globally and across regions today, ranging from rising energy costs, food insecurity, supply-chain disruptions, access to quality healthcare, cybersecurity, inflation amongst others brought about by the pandemic or other human factors like the Russia-Ukraine war, call for an objective rethink of geopolitics and geo-economics, especially as they vastly affect policy execution and the ease of doing business in more vulnerable economies,” he stated.
Left-Right: Group Executive Director/Group Chief Risk Officer, Dangote Industries Limited, Dr Adenike Fajemirokun; Lagos State Deputy Governor, Dr Kadri Obafemi Hamzat and Regional Executive/Managing Director, Ecobank Nigeria Limited, Bolaji Lawal at the launch of “The World Ahead 2023” a special publication of the renowned The Economist in Lagos at the weekend.
Drawing the attention of the international audience to the need for all hands to be on deck towards lifting Africa above the various socio-economic challenges facing the member-countries, Dangote pointed out that the African population has been growing exponentially.
“Nigeria, for instance, is projected to be the world’s third largest population by 2050 surpassing the United States, only behind India and China, so the question of sustained economic growth has become increasingly critical and isn’t one for a single sector to tackle alone. To secure the future of our country and our continent we must forge strong public-private partnerships and dismantle regional barriers with vehicles like the African Continental Free Trade Agreement (AfCFTA).”
Dangote advised that “going forward, the overarching conversations, whether at global or regional levels, in emerging markets or in OECD countries, must be refocused towards exploring the specifics of our fast-changing world, in order to align public-private perspectives and identify areas for collaboration for the collective good of people, planet, and profit.”
He commended ‘The Economist’ for putting together the publication that was being launched, describing it as a rich body of work that offers useful data for all sectors to draw insights from and synthesize the same towards arriving at cutting-edge action points.
Left-Right: Managing Director, CT Productions, Camelia Oros Tsarouchis; Group Executive Director/Group Chief Risk Officer, Dangote Industries Limited, Dr. Adenike Fajemirokun and Regional Executive/Managing Director, Ecobank Nigeria Limited, Bolaji Lawal at the launch of “The World Ahead 2023” a special publication of the renowned The Economist in Lagos at the weekend.
In his remarks, Lagos State Deputy Governor, Dr. Obafemi Hamzat described the publication as a valuable document for policymakers and strategic planners and noted that its contents reaffirm part of the strategies the Lagos State government has executed to make Lagos assume its status as the preferred destination of choice for investors.
According to him, Lagos has just 0.4 per cent of the land mass of Nigeria but has 11 per cent of the country’s population, which explains why some of the challenges in Lagos are peculiar to the metropolis, disclosing that some of the strategies adopted by the state government are geared toward solving the challenges.
He said Lagos is Africa’s fastest-growing economy and added that a key policy of the state government is to improve its investment profile by providing an enabling environment. Hamzat also noted that the state has invested billions of Naira in infrastructure and technology, citing the Lekki Deep Seaport as one of the enablers which has made Lagos attract 60 per cent of the Foreign Direct Investment into Nigeria.
Also speaking, the Regional Executive and Managing Director of Ecobank Nigeria Limited, Mr. Mobolaji Lawal hailed the Economist’s special launch, as it provides an opportunity for knowledge sharing for the government and private sector to explore emerging opportunities in the digital space.
“If we get it right, it will stimulate growth and drive transformation and ensure economic growth”, the Ecobank boss stressed.
Rashidat Okunlade Writes
Stakeholders have scored Cutix Plc for its successful operations in the country in the last 40 years in spite of the prevailing harsh economic conditions.
Cutix Plc is a Nigerian company that specialises in the production and distribution of electrical, automotive, and telecommunications wires, cables, and related products.
The stakeholders, including eminent sons and daughters of Anambra State as well as leading industrialists and politicians in the country, delivered their commendations at a reception organised in honour of retiring Chairman and Co-Founder of the Company, Ambassador Okwudili Nwosu, in Nnewi, Anambra State.
The Founder, Engineer Ajulu Uzodike remarked that, “ My brother and friend has been with me all through the 40 years and I must admit that it has been an eventful and successful relationship.” Engineer Uzodike, however, expressed the hope that Ambassador Nwosu will continue to be part of the Cutix family.
Responding, the Co-Founder, Ambassador Nwosu expressed his happiness over the success story of the Company, describing the Founder as a brother and friend whose interest in the Company is to create an avenue for all and sundry to create wealth through partnership.
Left-Right: Barr. (Mrs.) Ifeoma Nwahiri, Chairman, Cutix Plc; Sir Ikem Osanakpo (Chairman of the Occasion), Barr. (Mrs.) Angelina Uzodike (Founder’s Wife), Ambassador Odi Nwosu (Co-Founder/Celebrant), Engr. (Dr.)Ajulu Uzodike, Founder of Cutix Plc, and Mrs. Ijeoma Oduonye, Chief Executive Officer, Cutix Plc during a reception organised by the company in honour of the Co-Founder of the company, Ambassador Okwudili Nwosu in Nnewi, Anambra State over the weekend.
He said the story of Cutix Plc is embedded in trust, adding that he dedicated himself wholeheartedly to Engineer Uzodike and the Company in the last 40 years. “I want to assure you that although I am 70 years old now whether I am there or not, my spirit will ever remain with the Company.”
Commenting, Presidential candidate of Labour Party in the 2023 general elections, Mr. Peter Obi, described Engineer Uzodike as an outstanding entrepreneur who has been able to create wealth for stakeholders of the Company as well as a great employer of labour.
Obi lamented that successive governments in the country have not found it necessary to empower and encourage local manufacturers, adding, “Unless the Federal Government decides to do the right thing by supporting these companies, they cannot go very far and they need support because they are those that create jobs. They are the ones that will turn around the economy and they need government’s support.”
He recalled that as the Governor of Anambra State, his administration and the management of Cutix Plc constructed the road leading to the company. He said Cutix provided half of the cost of the project while the state government provided the balance.
He also recalled being instrumental to the appointment of Ambassador Nwosu as Nigerian Ambassador to the Republic of Burundi and congratulated him and the Founder for holding the Company’s fort for 40 years.
Also speaking, Anambra State Commissioner for Commerce, Industry, and Wealth Creation, Mr. Christian Udechukwu, described Ambassador Nwosu as a good manager of human and material resources. He said the Anambra State Government, under the stewardship of Prof. Charles Soludo, is creating an enabling environment for small and medium-scale enterprises to thrive through improved power supply.
Nigerian Ambassador to the Republic of Burundi, Elijah Onyeagba, noted that the success story of Cutix Plc is traceable to the diligence and trust between the Founder, Eng. Uzodike and the Co-Founder, Ambassador Nwosu. According to him, Ambassador Nwosu is not retiring but will use his wealth of experience to improve on the industrial sector.
Senator Ben Obi, a former Senator representing the Anambra Central District, said the only way to jumpstart industrial revolution in the South East is to have the likes of Ambassador Nwosu at the helm of affairs. Small and Medium Scale Enterprises are the vehicles for growing the economy, he said.
Former Minister of Health, Prof. ABC Nwosu noted that Ambassador Nwosu should see his retirement as yet another call to serve by providing professional assistance to young entrepreneurs and captains of industries so they achieve optimally in their various fields of endeavours.
Senator Victor Umeh, representing the Anambra Central District, noted that Cutix is a gift to Nigerians in general and the South East in particular, adding that in all his dealings he has always patronised the products of the Company.
He urged the management and members of staff of the Company to ensure that the establishment grows from strength to strength despite the harsh economic challenges.
A gubernatorial candidate in the last election in Anambra State, Mr. Ben Etiaba, congratulated the board and management of the Company for being in business for 40 years. The determination demonstrated by both Uzodike and Nwosu is one that should be emulated by those who are desirous of venturing into the industrial sector, he said.
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