Dangote Embraces Tanzanian Economy To Support First Female President, Invests $770m

Africa’s richest man and the Chairman of Dangote Group, Aliko Dangote, has said he will invest heavily in the Tanzanian economy under its new President, Samia Suluhu Hassan.

The Director of Information Services and Chief Government Spokesperson of Tanzania, Gerson Msigwa, announced in a tweet on Monday.

Tanzania had in March sworn in its first female President following the death of John Magufuli.

Hassan was left with the huge task of reviving the country’s economy and battling with her former boss’ attitude towards the Covid-19 pandemic.

Foreign direct investment fell by 43 per cent in the year after Magufuli entered office in October 2015 due to aggressive policy on foreign companies.

Dangote Cement had faulted the last President’s policy on coal, saying it was too expensive and of poor quality.

Dangote said on Monday that, “We have invested about $770m. But I also congratulate her for the swift changes that she is doing here in Tanzania, and also to reassure her that we will continue to invest in Tanzania to help her create jobs, create wealth and prosperity for the people of Tanzania.

“I think she needs that support and we have reassured her that we will continue to invest heavily here in Tanzania to support what she is doing.

“She can only do policies, but then it is not the job of their government to create jobs, so we will help her to invest and create jobs here in Tanzania.”

The billionaire said his company is looking at areas like fertilizer and other available investment opportunities.

“But I can be rest assured that with the discussion that I had with her, we will look at other opportunities to help her make sure that her vision and dream will come through,” he added.

Dangote said the country’s business climate has changed since Hassan took over office.

“Things have opened up and I can assure you that not only here with the local press, wherever I go, I will be the champion of Tanzania and tell people that things have changed, everybody should come back and invest heavily here in Tanzania,” he said.