Wealthiest Individual in Africa, Aliko Dangote, Announces Ambitious Plans for Nigerian Steel Production

Aliko Dangote, founder of the Dangote Group and Africa’s richest man, has announced plans to establish a major steel production company. This development was revealed during his speech on Wednesday at the Afreximbank Annual Meetings (AAN) and AfriCaribbean Trade & Investment Forum in Nassau.

Dangote emphasized the importance of domestic investment in driving Africa’s growth. The 66-year-old billionaire, whose fortune largely stems from his 85.2% stake in Dangote Cement, the largest cement producer in sub-Saharan Africa, has also commissioned a refinery earlier this year. This refinery, with a capacity of 650,000 barrels per day, surpasses Europe’s ten largest refining facilities and is expected to be a transformative force in Africa’s energy sector. His influence spans across various sectors, including sugar, salt, fertilizer, packaged foods, and the recently commissioned $19 billion petroleum refinery, now Africa’s largest.

The Dangote Group had initially announced plans to invest in the steel sector in 2022. Dangote reiterated the conglomerate’s goal of achieving revenue exceeding $30 billion and aiming to be among the top 120 companies globally by the end of 2024, affirming his commitment to entering the steel industry soon.

Recently, Dangote inaugurated a new truck assembly plant in Lagos State. He highlighted that Dangote Sinotruk West Africa Ltd (DSWAL) aims to achieve 60% local content once Nigeria’s Ajaokuta Steel Company becomes operational, aligning with his strategic expansion into the steel sector.

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