Africa’s richest man, Alhaji Aliko Dangote, went to Gabon because the President invited him to check out chances to invest in cement and fertilizers.
This visit happened while Dangote was having some issues with Nigerian oil officials about his big oil refinery. They were arguing about the supply of oil and the quality of products from his refinery.
On the Dangote Group’s official X page, it said that their CEO, Aliko Dangote, was asked by Gabon’s President Brice Oligui to explore investments in cement and fertilizers.
The post read, “President/CEO of Dangote Industries Limited, Aliko Dangote, (left) in Gabon on invitation of the President, Brice Oligui Nguema (right) to explore investment opportunities in Cement and Fertiliser.”
Dangote Group’s Investment in Cement and Fertilizers Across Africa
Besides Nigeria, Dangote Group has cement factories in many African countries like Cameroon, Congo, South Africa, Tanzania, Sierra Leone, Ethiopia, Ghana, and Zambia.
They also have a big fertilizer plant near their refinery in Lagos. This plant can make 3 million tons of Urea every year.
Many African countries rely on Europe, like Russia and Ukraine, for fertilizers. The war between these countries has made it hard to get these supplies, making the food situation worse in Africa.
Food shortages in Africa get worse because farmers don’t use enough fertilizers. In 2020, African farmers used about 26 kilograms of fertilizer for every hectare. This is way less than the 135 kilograms that farmers in the European Union use, the 150 kilograms in the Americas, and the 187 kilograms in Asia.
Dangote’s Dispute with Nigerian Authorities
Recently, Dangote Group has been having issues with Nigerian authorities and International Oil Companies (IOCs) about the supply and quality of crude oil to the refinery, especially diesel called Automotive Gas Oil (AGO).
Last week, the Chief Executive of Nigeria’s oil regulatory body (NMDPRA) said that Dangote’s diesel did not meet quality standards. He also accused Dangote Group of trying to take over Nigeria’s energy sector.
Dangote replied, saying these accusations are false. He also dropped his plans to invest in Nigeria’s steel industry to avoid being accused of trying to monopolize another sector in the future.