Africa’s foremost businessman, Aliko Dangote, on Monday canvassed the need for conscious efforts towards the deepening African regional market by African investors and governments to support the rapid growth of the continent’s economy.
Dangote, who gave the charge while speaking during “One to One Conversation” at the on-going 5th annual Financial Times African Summit in London, identified the key to Africa’s economic growth and strength as the development of the regional market, saying “regional markets in Africa must work.”
The industrialist said that Africans must patronize African markets which is why the free trade agreements by African nations remained the direction to go to strengthen African markets.
Drawing from his own experience, the Dangote Group President referred to the case of Benin Republic which continues to import cement from China despite many cement factories in Nigeria to meet her needs.
Dangote maintained that “we need to trade with ourselves”, as he spoke glowingly about the prospect of African economy, the free trade agreement and the availability of huge raw materials to attract investors.
Reacting to the question on when the listing of Dangote cement on the London Stock Exchange will take place, the industrialist said that the listing might happen in 2019.
According to him, all hands are on deck to complete the process of listing, the development which he said is being looked towards for by the business community.
Prompted to speak about difficult markets like Tanzania and Ethiopia, Dangote dismissed the issue of difficulty and re-affirmed that “our aim is to always provide jobs and worth. As an African investor I don’t want any investor anywhere in Africa to have a bad experience.”
He advised: “We need to continue to transform the structure of African economies”.
Recalling the entry of Dangote Sugar into Ghana sugar market, Dangote explained that the expansion of the sugar business to Ghana was intended to help boost the nation’s economy, assuring that “we are going to help Ghana grow its own sugar for the first time.”
