Obasanjo Reveals How He Convinced Dangote to Venture Into Cement Production

Former President Olusegun Obasanjo has revealed how he persuaded Africa’s richest man, Aliko Dangote, to begin cement production in Nigeria.

Speaking at the Bauchi State Investment Summit on Tuesday, Obasanjo recounted that Dangote had initially told him it was more profitable to import cement than to produce it locally.

According to the former president, the business mogul had appealed to him to create policies that would make local production profitable before he could consider setting up factories in the country.

Obasanjo said:

“He (Dangote) said to me, do you want an honest answer? I said if I called you here, I want an honest answer. He said because it’s more profitable for me to import cement than to produce it, which is an honest answer.”

He further explained that after asking what could be done to make local production viable, Dangote suggested linking importation licenses to local production.

“He said, make it profitable for me to produce cement. It is profitable for me to import and sell. Then I asked how do I do that? He said tie my importation of cement with my production of cement. My head got it,” Obasanjo narrated.

Following the discussion, Obasanjo said he immediately instructed his then Minister of Industry, who also had a private sector background, to implement the strategy and ensure the establishment of Dangote’s cement factories in Nigeria.

Today, Dangote Cement stands as one of Africa’s largest cement producers, operating in multiple countries across the continent.