Africa’s richest man, Aliko Dangote has declared that with the right support, his business empire could produce enough to feed the entire West African region.
In a recent interview with Time, Dangote said, “With the right kind of support, we could feed the entire West African region. It’s possible. Not today, but in the next 10 years.”
At some point in the interview, the entrepreneur started sketching out plans to Time.
“To supply the entire Nigerian population with milk for instance, would take about 300,000 high-yield dairy cows, but if he started with a modest 50,000, he could still capture much of the existing market. His words tripping over themselves in excitement, Dangote is already visualizing a transformed sector. “Hundreds of jobs, yes, hundreds,” he murmurs, distracted. Thousands, he adds, if you look at the whole value chain of animal feed, tending, packaging and transport.”
According to the report by Time, the Dangote Group claims its investments contribute upwards of 10% of Nigeria’s GDP, a figure supported by outside economists.
The Kano-born billionaire also revealed details of his ongoing refinery project on the outskirts of Lagos, able to produce 650,000 barrels a day.
Time says when the pumps roar to life in 2020, they could make Nigeria self-sufficient in petroleum products.
“Once the refinery is operational, industry analysts say Nigeria could become Africa’s biggest producer of refined petroleum and gas products, ranging from plastics to fertilizer, as well as jet fuel, diesel and gasoline. That would create a variety of new industries, potentially lifting the economy of the entire region for decades to come.”
“If his gamble pays off, it could save Nigeria up to $12 billion on the importation of refined fuel, and grow his Dangote Group conglomerate to an energy giant with a projected revenue of $30 billion. It could also make Dangote, who is now worth $14.1 billion, one of the wealthiest industrialists in the world.”