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Africans Able To Drive Economic Integration, Growth – CBN

The Central Bank of Nigeria (CBN), has said that Africans have the capacity to drive the continent’s economic integration, growth and development rather than relying entirely on foreign investors. Commenting on the Dangote’s 2.5 million metric tonnes cement plant established recently in Ethiopia, the Governor of CBN, Godwin Emefiele, said the recent expansion drive of Alhaji Aliko Dangote confirms that Africans have the capacity to drive the continent’s economy.
He also said that the drive embodies integration, growth and development. He said this is the ideal, rather than depend almost entirely on foreign investors, especially at a time when the regional economy of sub-Saharan Africa and the economy of many of the constituent countries seem to be slowing down due to the impact of global shocks.
“I must commend Dangote cement for its expansion projects. The trust of the event is undeniably momentous for the entire Africa continent particularly as it underscores the importance of fostering intra Africa investments. Africa must first and foremost invest in Africa. We need to promote a symbolic and mutually beneficial flow of direct investment within the continent” he said.
He noted that the plant was undertaken at a cost of about $600 million and it is arguably the single largest investment in Ethiopia by an African entrepreneur, adding that, he believes that the investment will booster intra-regional trade, deepen financial market, create wealth, reduce poverty and unemployment and ultimately engender gross domestic product in Ethiopia with particular effects throughout the sub region.
For this, he said, Nigerians are very proud of Alhaji Dangote, an entrepreneur who is a patriotic African and a true ambassador of Nigeria. The President/ Chief Executive, Dangote Group, Aliko Dangote, said the company’s decision to set up the multimillion dollar plant in Ethiopia was informed by the enabling environment the government of Ethiopia had in place for investors and that this favorable investment makes Ethiopia attractive to foreign investors.
“The government has made remarkable progress and has superintended a period of significant and inclusive economic growth that has seen official Gross Domestic Product (GDP) growth rates of Ethiopia surpassing 10 per cent, over the past decade, with a projection of 10.6 per cent in 2015.”
“This makes Ethiopia the largest economy by GDP in East and Central Africa. The government is also investing massively in several large-scale infrastructure projects, including construction of the continent’s largest hydropower dam. All these make Ethiopia a beautiful bride to investors” he said.
He said he believes that manufacturing, and not trading, is the best way to grow an economy, and that apart from cement production, they are also investing substantially in other sectors of the economy such as agriculture, oil and gas refinery, fertilizer and petrochemicals and in all, they have 13 subsidiaries in Nigeria and are investing about $16 billion between now and 2018, in new projects and existing plants.

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