Gabon’s President Brice Oligui Nguema has wooed Dangote Group and Africa’s wealthiest man, Aliko Dangote, to invest in the Central African country. This follows Dangote’s decision to halt investment into Nigeria’s steel industry following accusations of monopoly.
Last week, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) accused Dangote of monopolizing the oil sector and attempting to dominate the steel industry as well.
The regulatory body criticized the quality of products from Dangote’s newly completed $19 billion refinery, claiming it did not meet West African standards.
Specifically, NMDPRA CEO Farouk Ahmed asserted that the refinery’s diesel had sulfur levels far exceeding the region’s acceptable limit, making it inferior compared to imported alternatives.
Freezing investments
Dangote has denied these accusations and announced his withdrawal from Nigeria’s steel sector investments. This pivot has led him to explore opportunities elsewhere, with Gabon emerging as a promising destination.
During a recent visit to Gabon, Dangote engaged in in-depth discussions with President Nguema and key government officials.
“The talks focused on how Dangote Industries could contribute to Gabon’s economic growth by establishing cement and fertilizer plants, which are vital for the country’s infrastructure development and agricultural productivity,” a communique from President Nguema’s office read.
President Nguema highlighted Gabon’s dedication to creating a conducive environment for foreign investments. He emphasized that collaborating with Dangote would yield substantial benefits, including job creation, technology transfer, and enhanced industrial capabilities.
According to stakeholders, Nguema’s invitation to Dangote serves as an endorsement of the company’s successful business operations across Africa and its commitment to fostering economic growth and self-reliance on the continent. They argue that investing in Gabon’s cement and fertilizer sectors aligns with Dangote Industry’s strategic vision of expanding its influence while supporting sustainable development across Africa.
On his end, Dangote noted that his company was looking to help diversify Gabon’s industrial portfolio.
“We are excited about the opportunity to invest in Gabon. Our goal is to contribute to the country’s economic diversification and industrialization efforts. By leveraging our expertise in cement and fertilizer production, we aim to support Gabon’s infrastructure and agricultural sectors,” the mogul remarked.
The potential investment by Dangote Industries is expected to bolster the oil-rich country’s industrial landscape. Establishing cement and fertilizer plants would provide a steady supply of essential materials for construction and agriculture, critical for Gabon’s development goals. This move would also align with President Nguema’s vision of transforming Gabon into a diversified and self-sustaining economy.
As discussions continue, both Dangote Industries and the Gabonese government will further assess and finalize the investment plans.
The anticipated collaboration is expected to forge a robust partnership that will have a transformative impact on Gabon’s economy, reinforcing its spot as one of Africa’s richest countries.
