Dangote Group Urges Foreign Investment in Nigeria's Economy

The Dangote Group commended the Nigerian government for creating an enabling environment for investors through economic reforms, calling on foreign investors to invest in Nigeria. Group Chief Economist Hassan Mahmud represented the company’s chair, Aliko Dangote, at the Nigerian Investors’ Forum in Bangkok, Thailand.

Mahmud stated that the group benefited significantly from the government's fiscal and monetary reforms, which helped stabilize its operations, particularly regarding its $17 billion investment in the Dangote Petroleum Refinery and Petrochemicals. He emphasized that the credibility of fiscal and monetary policy and incentives in the export-free zone were crucial for investor confidence.

The Dangote Petroleum Refinery, located in the Lekki Free Zone, is the world's largest single-train oil refinery, with a production capacity of 700,000 barrels per day, aiming to expand to 1.4 million bpd. The Nigerian government has implemented foreign exchange market reforms and abolished a subsidy regime, which has received mixed reactions from the public.

Mahmud encouraged sustained investment interest in Nigeria, highlighting a recent $20 billion investment in Kenya.