{"id":27818,"date":"2018-10-30T12:14:44","date_gmt":"2018-10-30T11:14:44","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=27818"},"modified":"2018-10-30T12:14:44","modified_gmt":"2018-10-30T11:14:44","slug":"report-dangote-responsible-for-over-10-of-nigerias-gdp","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/report-dangote-responsible-for-over-10-of-nigerias-gdp\/","title":{"rendered":"Report: Dangote Responsible For Over 10% Of Nigeria\u2019s GDP"},"content":{"rendered":"

Aliko Dangote, Africa\u2019s richest man, and his conglomerate, the Dangote Group, have been reported to be responsible for over 10 percent of Nigeria\u2019s gross domestic product (GDP).<\/p>\n

The report, published by TIME Magazine, says Aliko Dangote is currently worth $14.1 billion, but his company\u2019s investment is responsible for much more than his net worth.<\/p>\n

According to the World Bank, Nigeria\u2019s GDP stood at $404.653 billion by the end of 2016, maintaining its stance as Africa\u2019s biggest economy, over South Africa and Angola.<\/p>\n

\u201cDangote Group claims its investments contribute upwards of 10% of Nigeria\u2019s GDP, a figure supported by outside economists,\u201d the TIME report read in part.<\/p>\n

This suggests that Dangote Group has investments worth more than $40 billion in Nigeria, ranging from cement to food products, and now, to oil and gas.<\/p>\n

Dangote Group is currently building the world\u2019s largest greenfield refinery, estimated to be worth upwards of $10.5 billion.<\/p>\n

The billionaire\u00a0also runs arguably the biggest cement company in Africa, with an operating revenue of N240 billion as at Q2, 2018 and a market cap of N3.62 trillion (over $10 billion).<\/p>\n

Dangote Cement is also the biggest company, by market cap, on the Nigerian Stock Exchange, ahead of Nestle and Nigerian Breweries combined.<\/p>\n

In 2016, MTN Group, the biggest telecommunications\u00a0company in Nigeria and on the continent, also claimed to have been responsible for about 4.5 percent of Nigeria’s GDP.<\/p>\n

WHY DANGOTE ADMIRES TRUMP<\/h3>\n

According to the TIME report, Dangote admires President Donald Trump for his protection of local American businesses, arguing repeatedly that \u201cold-fashioned protectionism is the only way to build Africa\u2019s industries\u201d.<\/p>

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\u201cWhen foreign competitors come into our market and dump their products, there is no incentive to build our own industry,\u201d\u00a0Dangote told TIME.<\/strong><\/a><\/p>\n

\u201cAre we to be captive to foreign companies? No. If America is now rising up to protect her industries, why shouldn\u2019t African countries rise up to protect their own?\u201d<\/p>\n

Dangote recorded an explosion in his wealth after President Olusegun Obasanjo put policies in place to protect local manufacturers and their products.<\/p>\n

DANGOTE DREAMS<\/h3>\n

Being Africa\u2019s richest man is not enough, Dangote also dreams to be the biggest giver to charitable causes in Africa.<\/p>\n

\u201cI want to be known as the biggest philanthropist in Africa,\u201d he said, stating that he aims to have a foundation worth $10 billion within the next five to seven years.<\/p>\n

He has already invested $1.2 billion in the foundation, and was recently named the sixth most charitable person in the world.<\/p>\n

He also wants to build and run Nigeria\u2019s biggest diary farm, with over 300,000 high-yield dairy cows, meeting the needs of the West African region.<\/p>\n

\u201cWith the right kind of support, we could feed the entire West African region. It\u2019s possible. Not today, but in the next 10 years,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aliko Dangote, Africa\u2019s richest man, and his conglomerate, the Dangote Group, have been reported to be responsible for over 10 percent of Nigeria\u2019s gross domestic product (GDP). The report, published by TIME Magazine, says Aliko Dangote is currently worth $14.1 billion, but his company\u2019s investment is responsible for much more than his net worth. According …<\/p>\n","protected":false},"author":6,"featured_media":22433,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17],"tags":[2972,687],"coauthors":[2391],"class_list":["post-27818","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","tag-alhaji-aliko-dangote","tag-gdp"],"yoast_head":"\nReport: Dangote Responsible For Over 10% Of Nigeria\u2019s GDP - National Wire<\/title>\n<meta name=\"description\" content=\"Aliko Dangote, Africa\u2019s richest man, and his conglomerate, the Dangote Group, have been reported to be responsible for over 10 percent of Nigeria\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/report-dangote-responsible-for-over-10-of-nigerias-gdp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Report: Dangote Responsible For Over 10% Of Nigeria\u2019s GDP - 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