Dangote mulls steel manufacturing venture as conglomerate eyes $30bn revenue

Dangote Group is aiming to generate over $30 billion in revenue in the near future as it plans to diversify into the steel industry.

Aliko Dangote, the founder of the Group, made the disclosure during his speech at the Afreximbank Annual Meetings (AAN) and AfriCaribbean Trade & Investment Forum in The Bahamas.

The business mogul and African richest man,explained that he would be venturing into steel manufacturing with the ultimate objective of making Nigeria the preeminent steel producer in the West African region.

. ”We want to make sure every single steel that we use will come from Nigeria,’’ he said.

Dangote also urged African nations to prioritise the promotion of domestic investors, highlighting the crucial role they play in attracting foreign investment. He emphasized the importance of creating a conducive environment for local investors to thrive, citing the Dangote Group’s successful self-sufficiency in power generation as a case in point.

The billionaire businessman stressed that the Dangote Group currently produces about 1,500 megawatts of power for self-consumption, without going to the national grid, which would have impacted it negatively.

Dangote also underscored the critical role played by financial institutions such as African Finance Corporation (AFC) and AfreximBank in the industrialisation of the African continent. He noted that without these institutions, the continent would struggle to address its unique challenges and issues, thereby hampering the continent’s progress towards industrialisation.