GLOBAL: The Islamic Development Bank (IDB) and industrial conglomerate Dangote Group have agreed to collaborate to boost job creation in Africa. Through his foundation, Aliko Dangote, the president and CEO of Dangote Group, will invest US$1.2 billion in sectors such as education, health and job creation in Africa and other parts of the world.
IDB president Dr Ahmad Mohamed Ali also noted that bilingual education, Waqf, and education are among the areas in which the two parties could collaborate. He further suggested that the partnership with Dangote Group should include the establishment of innovative projects to maximize developments in IDB member countries.
Nigerian by nationality, Aliko Dangote has been listed by Forbes magazine as the 23rd richest person in the world with a fortune worth US$25 billion. Commenting on the partnership, he said: “I believe we need to work together to create jobs. China is developed because the Chinese invested in the country. America is successful because the system is tied to job creation, so we must invest in Africa in order to create jobs.” He is of the opinion that if the growth of Africa continues at the current rate, and electricity supply improves, Africa is bound to become a US$19 trillion economy by the year 2050.
As of October 2013, the total volume of financing approved by the IDB Group for its 17 member countries was accounted at US$8.4 million. Dangote Group previously obtained a financing facility from International Islamic Trade Finance Corporation (ITFC), one of the financing arms of IDB, and has since repaid the loan.
Dangote Group is a diversified business conglomerate headquartered in Lagos, Nigeria. The manufacturer has a presence in 16 African countries producing cement, sugar, salt and other value-added products. The company’s cement plant in Obajana, Nigeria, is reputed to be one of the single largest cement plants in the world with an estimated capacity of 13.25 million metric tonnes per year.