Dangote Group: We intend to invest heavily in the steel sector

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Dangote Group: We intend to invest heavily in the steel sector.
Dangote Group: We intend to invest heavily in the steel sector.

Dangote Group says it intends to invest heavily in the steel sector of the economy.

Olakunle Alake, group managing director of Dangote Group, revealed this on Thursday during a panel discussion at the African Finance Corporation (AFC) Infrastructure Solutions Summit in Abuja.

Alake stated that the conglomerate intends to expand into the steel sector of the economy.

He also stated that in a few years, the company will no longer seek foreign exchange from the Central Bank of Nigeria (CBN).

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“Right now, we are attempting to finish something.” This, I believe, is the major project, and it is our primary focus right now. We will not go to the Central Bank for foreign exchange for any of our activities in the next couple of years because, at the end of the day, it’s a double situation: you import products, which means you are creating jobs outside Nigeria, and you struggle to get the forex,” Alake said.

“You drill for oil, export it, and do not refine it.” You are simply killing jobs in this manner.

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“We have two goals in mind. One, we make certain that we look for items that can be produced locally, as this creates employment and value.

Steel is one of the most important areas for us. You may recall that the government decided that steel was important and established Ajaokuta Steel and Delta Steel. We intend to resurrect this sector in a big way.”