Africa’s foremost industrialist and President of Dangote Group, Alhaji Aliko Dangote, on Wednesday said that Nigeria’s food importation bill on yearly basis stood at about N1.5 trillion, lamenting the pressure such avoidable expenditure is putting on the nation’s foreign reserves.
Dangote gave this hint at the 3rd Eminent Persons Business lecture titled: ‘A case for backward integration’, and commissioning of multi-million naira Aliko Dangote Complex built for UI Business School, which held at the University of Ibadan.
The business mogul, who was represented by Group Executive Director, Aliko Dangote Group, Engr Ahmeed Mansur pointed out that with an enviable population and natural resources, not many countries had the advantages that Nigeria offers to manufacturers.
He explained that this competitive advantage of the country thereby positioned to reduce the risks of a long-term investment in backward integration for very big businesses.
In pursuit of his entrepreneurial drives in the country, Dangote disclosed that he was making plans to invest over N180 billion to build four new factories in Sokoto and Kebbi States.
On the erratic power supply that continue to hamper business growth across all sectors, the industrialist also said that he had initiated a power investment plan which, when fully implemented, would add 12,000 megawatts to the country’s electricity generation capacity.
On the regulatory requirements imposed to boost backward linkages and maintaining competitiveness, Dangote advised that the requirements should not be so onerous that they discourage compliance or raise costs to the level that they discourage investment and render the local industry uncompetitive.