The Dangote Group on Wednesday lauded the Nigerian authorities for offering an enabling surroundings for investors to thrive by its economic reforms and referred to as on foreign investors to spend money on the West African nation.
Hassan Mahmud, Group Chief Economist at Dangote Group, made the decision on behalf of the corporate’s chair, Aliko Dangote, on the sidelines of the World Bank/IMF conferences in Bangkok, Thailand.
Mr Mahmud spoke at a Nigerian Investors’ Forum held Wednesday in Bangkok, Thailand’s capital.
Speaking on behalf of the Dangote Group, Mr Mahmoud mentioned the group benefited immensely from the federal government’s fiscal and financial reforms, which helped it come out of the woods and stabilise considerably, notably on the financial coverage entrance.
“The transparency and the credibility we have seen in that has significantly enabled the Dangote Group to have good projections and was able to come out of the woods from its investment of about $17 billion in the refinery,” he mentioned.
“That can’t occur in an economic system the place there are not any consistencies, the place there isn’t any credibility of fiscal and financial coverage, and in addition the incentives that go along with working in an export-free zone.
“So this is a confidence builder for investors that want to come into Nigeria and other African countries. Nigeria is very good, and the terrain is very good. You need to be bold, but the boldness comes with credibility of policy and the regulatory reform we have seen.”
The Dangote Petroleum Refinery and Petrochemicals is the world’s largest single-train oil refinery, owned by the Dangote Group. Located within the Lekki Free Zone, Lagos, it was constructed with a manufacturing capability of 700,000 barrels per day (bpd), with plans to increase to 1.4 million bpd.
The Dangote Petroleum Refinery just lately launched a public providing to promote 4.1 billion atypical shares, aiming to increase roughly $1.6 billion to $2.1 billion in what is about to be Africa’s largest-ever share sale.
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The Nigerian authorities launched foreign alternate market reforms, abolished what it referred to as a wasteful, corruption-ridden subsidy regime amid fiscal pressures, and institutionalised tax reforms.
Although international improvement and monetary establishments have hailed the reforms as optimistic for the nation’s fiscal well being, many Nigerians have expressed frustration over their home impression amid skyrocketing vitality costs, a excessive value of dwelling, and varied inflationary pressures.
Speaking to the investors current on the Thailand occasion, Mr Mahmud referred to as for sustained curiosity in Nigeria.
“Please come into Nigeria, bring your investment. Nigeria is now a symbol to other African countries; we just got into Kenya with a $20 billion investment in another refinery. It’s a model that is coming from Nigeria,” he mentioned.
In his response, Nigeria’s Minister of Finance and Co-ordinating Minister of the Economy, Taiwo Oyedele, mentioned the testimony displays the impression of the nation’s reforms.
“Dangote Group, thank you for sharing your testimony. I think the best way to demonstrate that we’re indeed ready for business is to have investors who are already with us give their testimonies.”
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