The Chairman of Dangote Group, Aliko Dangote, has said the government is taking 52 per cent of its income from his company, Dangote Cement Plc. He cites the substantial private investment to construct new cement plants, but government support is not readily available and free market access is often restricted.
Aliko Dangote reiterated the role of the private sector in national development adding that Nigeria’s challenges could largely be overcome by providing gainful employment to its people.
“The concept of a free market should not be used as a pretext for continued import dependence, highlighting that both developed and developing nations, including the USA and China, actively protect their domestic industries to safeguard jobs and promote self-sufficiency. Dangote also cited the example of the Benin Republic, where cement imports are restricted as part of a deliberate strategy to protect local industries, despite the proximity of his Ibese plant.
“The President is a personal friend, and my Ibese plant is just 28km from Benin, yet they refuse to allow imports to protect their local industries, most of which are grinding plants,” he remarked.
“The government stands to gain substantially when the private sector flourishes, noting that 52 kobo (52 per cent) of every naira Dangote Cement generates goes to the government.
“The significant challenges involved, in setting up industries in Nigeria, particularly the substantial capital investment required due to the lack of infrastructure. He stressed that investors are often forced to take on responsibilities for essential services such as power, roads, and ports – services that should be provided by the government.
Alito Dangote made the comments following a tour by the Nigerian Economic Summit Group (NESG) team to both Dangote Fertiliser Ltd and the Dangote Petroleum Refinery & Petrochemicals in Ibeju Lekki, Lagos.
