Africa’s richest business magnet, Aliko Dangote has announced his intentions to invest in the petroleum and gas sectors in Cameroon in the near future.
The Nigerian born made the announcement Wednesday June 23 at the end of an audience granted him by the President of the Republic of Cameroon, His Excellency Paul Biya at the Unity Palace.
Speaking to the press, Aliko Dangote said he and the Head of State discussed on his plans to expand his investment in the country in the cement sector six years after implantation and ew investment perspectives in the sectors of petroleum and gas.
“One of the areas that we discussed is actually the continued investment of Dangote here in Cameroon, we set up in Cameroon couple of years back as you are aware. We will continue to invest more, not only in cement but in other areas like oil and gas…” The business mogul told the press.
He did not mention the investment budget but indicated it was imminent.
The President of the Dangote Group added that aside the plans to expand his investment perspectives, he came to thank the Head of State for facilitating a favorable business climate in the country.
“The meeting gave me the possibility to thank the President. When we first came to Cameroon we started our work an then we had issues. The President and the cabinet stood on our side. The President gave us all the support and i can assure you if not because of Dangote, you would have been paying double the price you pay today…”
At the end of the audience, President Paul Biya raised him to the dignity of Commander of the Order of Valor for his success in Africa and particularly in Cameroon.
Six years ago, Aliko Dangote set up a cement facility in Cameroon’s economic capital Douala with a capacity of 1?5 million tones worth an investment of about FCFA 80 billion.
The company provides 200 to 300 direct jobs and other related jobs to a thousand.
With the new investment perspectives, the economy of the country is expected to witness a boost.