Dangote Responsible for Over 10% of Nigeria’s GDP

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Enterprise Television- Dangote Responsible for Over 10% of Nigeria’s GDP

Africa’s richest man, Aliko Dangote, and his conglomerate Dangote Group, have been reported to be responsible for over 10 per cent of Nigeria’s gross domestic product, GDP.

The report, published by TIME Magazine, said Aliko Dangote was currently worth $14.1 billion, adding that his company’s investment was responsible for much more than his net worth.

According to the World Bank, Nigeria’s GDP stood at $404.653 billion by the end of 2016, maintaining its stance as Africa’s biggest economy, over South Africa and Angola.

The TIME report read “Dangote Group claims its investments contribute upwards of 10 per cent of Nigeria’s GDP, a figure supported by outside economists,”.

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.

Dangote Group is currently building the world’s largest Greenfield refinery, estimated to be worth upwards of $10.5 billion.

Atiku mourns ex-SGF, Allison Ayida, the billionaire also 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).

Dangote Cement is also the biggest company, by market cap, on the Nigerian Stock Exchange, ahead of Nestle and Nigerian Breweries combined.