The Islamic Development Bank (IDB) and Dangote Group will partner to boost job creation in Africa. This was the outcome of the visit by Dangote Group President and CEO Aliko Dangote during a one day visit to the headquarters of IDB in Jeddah.
Dangote, a Nigerian by nationality who has been listed by Forbes magazine as the 23rd richest person in the world with fortunes worth $25 billion, is a manufacturer with presence in 16 African countries producing cement, sugar and other value-added products. Dangote’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 tons per annum.
He told IDB President Ahmad Mohamed Ali that the aim of his visit was to reconnect with IDB, where he once took loan through the International Islamic Trade Finance Corporation (ITFC), one of the financing arms of IDB, and he has since repaid the loan.
Dangote stated that he will now be investing $1.2 billion in his foundation to work in various sectors such as education, health and job creation in Africa, and other parts of the world.
“I am really amazed by the amount of work IDB is doing. I believe we need to work together to create jobs. China 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 told the IDB staff during a town hall lecture.