Dangote reveals the FG earns 52 kobo from every N1 generated by his cement company
Aliko Dangote, Africa's richest man, has revealed that the Federal Government of Nigeria earns as much as 52 kobo from every N1 generated by his cement company.
Aliko Dangote, Africa's richest man, disclosed that the Nigerian Federal Government earns substantial revenue from his cement company.
His cement company operates across over 10 countries and has significantly reduced Africa's reliance on imported cement.
Dangote pledged continued investment in Nigeria, highlighting the importance of job creation and societal impact.
Aliko Dangote, Africa's richest man, has revealed that the Federal Government of Nigeria earns as much as 52 kobo from every N1 generated by his cement company.
He made this known at the Taraba International Investment Summit 2025 in Jalingo.
Speaking at an investment forum, Dangote stressed the importance of government support for private enterprises, noting that when businesses thrive, the country benefits significantly through tax revenue and job creation.
What Dangote said:
"You know, I'm sure it might be shocking to you to know that the federal government of Nigeria, not even the states, makes more money from, for example, our cement business,' he said. For every one naira we turn around, 52 kobo goes to the federal government of Nigeria."
Dangote Cement is Africa's largest cement producer, operating in over 10 countries, including Nigeria, Ethiopia, Tanzania, and South Africa. The company has a production capacity of over 51 million metric tons per year, helping to reduce Africa's reliance on imported cement, according to estimates.
Dangote used the opportunity to reiterate his long-standing position that while governments are not meant to run businesses, they play a crucial role in creating an enabling environment for enterprises to grow.
'Governments don't have to own businesses to generate income,' he said. 'Have you ever heard of the American government owning an oil block? No, the American government doesn't own an oil block. And they are the biggest producers of oil today in the world. But they make their money through taxes.'
He said the only way to grow the economy and create wealth is through the private sector, and that government and businesses must work closely together. Dangote also promised that his company would keep investing in Nigeria.
'We are not going anywhere to invest, this is home. We want to remain at home. We want to keep investing in Nigeria. We want to keep creating jobs. At the end of the day, no one will take a dime to the grave. What gives us true satisfaction as human beings is knowing we've impacted the lives of others," he stated.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
28 minutes ago
- Yahoo
Today in History: May 30, Trump found guilty on 34 felony charges
Today is Friday, May 30, the 150th day of 2025. There are 215 days left in the year. Today in history: On May 30, 2024, Donald Trump became the first former American president to be convicted of felony crimes as a New York jury found him guilty of all 34 charges in a scheme to illegally influence the 2016 election through a hush money payment to a porn actor who said the two had sex. Also on this date: In 1431, Joan of Arc, condemned as a heretic, was burned at the stake in Rouen, France. In 1911, the first Indianapolis 500 auto race was held at Indianapolis Motor Speedway; driver Ray Harroun won the race with an average speed of 74.6 mph (120 kph). In 1922, the Lincoln Memorial in Washington, D.C., was dedicated in a ceremony attended by President Warren G. Harding, Chief Justice William Howard Taft and Abraham Lincoln's surviving son, 78-year-old Robert Todd Lincoln. In 1935, Babe Ruth played in his last major league baseball game for the Boston Braves, leaving after the first inning of the first game of a double-header against the Philadelphia Phillies. (Ruth announced his retirement three days later.) In 1937, ten people were killed when police fired on steelworkers demonstrating near the Republic Steel plant in South Chicago. In 1971, the American space probe Mariner 9 blasted off from Cape Kennedy on a journey to Mars. In 1972, three members of the militant group known as the Japanese Red Army opened fire at Tel Aviv's Lod Airport, now Ben-Gurion Airport, killing 26 people. Two attackers died; the third was captured. In 2002, a solemn, wordless ceremony marked the end of the cleanup at ground zero in New York, 8 1/2 months after the terror attacks of September 11th brought down the World Trade Center's twin towers. In 2012, former Liberian President Charles Taylor was sentenced to 50 years in prison after being convicted on 11 counts of aiding and abetting war crimes and crimes against humanity at a trial at The Hague. In 2023, disgraced Theranos CEO Elizabeth Holmes was taken into custody at the Texas prison where she was sentenced to spend the next 11 years for overseeing an infamous blood-testing hoax. Today's Birthdays: Actor Keir Dullea is 89. Actor Stephen Tobolowsky is 74. Actor Colm Meaney is 72. Country singer Wynonna Judd is 61. Musician Tom Morello (Audioslave; Rage Against The Machine) is 61. Filmmaker Antoine Fuqua is 60. Actor-singer Idina Menzel is 54. Rapper-singer Cee Lo Green is 50.
Yahoo
28 minutes ago
- Yahoo
The Latest: Trump celebrates steel and Musk as White House owns errors in RFK Jr. report
President Donald Trump is holding a rally in Pennsylvania on Friday to celebrate a details-to-come deal for Japan-based Nippon Steel to invest in U.S. Steel, which he says will keep the iconic American steelmaker under U.S.-control. ICE, the agency tasked with carrying out Trump's mass deportation campaign is undergoing a major staff reorganization. The White House says its fixing errors in a much-anticipated federal report led by Health and Human Services Secretary Robert F. Kennedy Jr. decrying America's food supply, pesticides and prescription drugs. And billionaire Elon Musk faces big challenges as he leaves Washington after an Oval Office appearance Friday afternoon. Each of his numerous businesses have their own set of issues. Here's the Latest: Trump accuses China of violating agreement on trade but doesn't offer details Trump declared that he'll no longer be 'Mr. NICE GUY' with China on trade. He said the country had broken an agreement with the United States. It's unclear what agreement Trump was referring to in his post on Truth Social. But the president's rhetoric was a sharp break from the optimism expressed recently when Trump lowered his 145% tariffs on Chinese goods to 30% for 90 days so that talks could happen. Trump said the tariff reduction had 'quickly stabilized' the economy. But he then said 'that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!' Trump to appear with Musk in Oval Office When Musk announced that he was leaving the administration earlier this week, Trump was conspicuously quiet. But now the two men are scheduled to appear together in the Oval Office. 'This will be his last day, but not really, because he will, always, be with us, helping all the way,' Trump wrote on Truth Social on Thursday evening. 'Elon is terrific!' The event is scheduled for 1:30 p.m. ET. Musk is leaving his job having accomplished far less than he set out to do, although his tumultuous tenure will likely leave a lasting mark on the federal government. White House acknowledges problems in RFK Jr.'s 'Make America Healthy Again' report The White House will fix errors in a much-anticipated federal government report spearheaded by U.S. Health and Human Services Secretary Robert F. Kennedy Jr., which decried America's food supply, pesticides and prescription drugs. Kennedy's wide-ranging 'Make America Healthy Again' report, released last week, cited hundreds of studies, but a closer look by the news organization NOTUS found that some of those studies did not actually exist. Asked about the report's problems, White House press secretary Karoline Leavitt said the report will be updated. Kennedy has repeatedly said he would bring 'radical transparency' and 'gold-standard' science to the public health agencies. But the secretary refused to release details about who authored the 72-page report, which calls for increased scrutiny of the childhood vaccine schedule and describes the nation's children as overmedicated and undernourished. Leavitt said that the White House has 'complete confidence' in Kennedy. ▶ Read more about Kennedy's report Trump's big plans on trade and more run up against laws of political gravity, separation of powers On Wednesday, an obscure but powerful court in New York rejected the legal foundation of Trump's most sweeping tariffs, finding that Trump could not use a 1977 law to declare a national emergency on trade imbalances and fentanyl smuggling to justify a series of import taxes that have unsettled the world. Reordering the global economy by executive fiat was an unconstitutional end-run around Congress' powers, the three-judge panel of Trump, Obama and Reagan appointees ruled in a scathing rebuke of Trump's action. The setbacks fit a broader pattern for a president who has advanced an extraordinarily expansive view of executive power. The laws of political gravity, the separation of powers and geopolitical realities are proving to be tougher to conquer than Trump will publicly admit. As various legal skirmishes play out, he may have to choose between bowing to the limits of his power or trying to ignore the judicial system. ▶ Read more on reality checks on Trump's assertions of authority Trump's latest pardons benefit an array of political allies and public figures A governor who resigned amid a corruption scandal and served two stints in federal prison. A New York Republican who resigned from Congress after a tax fraud conviction and who made headlines for threatening to throw a reporter off a Capitol balcony over a question he didn't like. Reality TV stars convicted of cheating banks and evading taxes. FILE - Todd Chrisley, left, and his wife, Julie Chrisley, pose for photos at the 52nd annual Academy of Country Music Awards on April 2, 2017, in Las Vegas. Todd and Julie Chrisley, who are in prison after being convicted on federal charges of bank fraud and tax evasion, are challenging aspects of their convictions and sentences in a federal appeals court.(Photo by Jordan Strauss/Invision/AP, File) All were unlikely beneficiaries this week of pardons, with Trump flexing his executive power to bestow clemency on political allies, prominent public figures and others convicted of defrauding the public. The moves not only take aim at criminal cases once touted as just by the Justice Department but also come amid a continuing Trump administration erosion of public integrity guardrails, including the firing of the department's pardon attorney and the near-dismantling of a prosecution unit established to hold public officials accountable for abusing the public trust. ▶ Read more about Trump's pardons Trump has long warned of a 'deep state.' Now in power, he's under pressure to expose it Four months into his second term, Trump has continued to stoke dark theories involving his predecessors and other powerful politicians and attorneys — most recently raising the specter of nefarious intent behind former President Joe Biden's use of an autopen to sign papers. The administration has pledged to reopen investigations and has taken steps to declassify certain documents, including releasing more than 63,000 pages of records related to the assassination of President John F. Kennedy. Yet many of Trump's supporters say it's not enough. Some who take him at his word are beginning to get restless as they ask why his administration, which holds the keys to chasing down these alleged government secrets, is denying them the evidence and retribution they expected. His Justice Department has not yet arrested hordes of 'deep state' actors as some of his supporters had hoped it would, even as the president has been posting cryptic videos and memes about Democratic politicians. ▶ Read more about Trump and the 'deep state' Trump holding Pennsylvania rally to promote deal for Japan-based Nippon to 'partner' with US Steel Trump is holding a rally in Pennsylvania on Friday to celebrate a details-to-come deal for Japan-based Nippon Steel to invest in U.S. Steel, which he says will keep the iconic American steelmaker under U.S.-control. Though Trump initially vowed to block the Japanese steelmaker's bid to buy Pittsburgh-based U.S. Steel, he changed course and announced an agreement last week for what he described as 'partial ownership' by Nippon. It's not clear, though, if the deal his administration helped broker has been finalized or how ownership would be structured. Trump stressed the deal would maintain American control of the storied company, which is seen as both a political symbol and an important matter for the country's supply chain, industries like auto manufacturing and national security. U.S. Steel has not publicly communicated any details of a revamped deal to investors. Nippon Steel issued a statement approving of the proposed 'partnership' but also has not disclosed terms of the arrangement. ▶ Read more about the deal
Yahoo
28 minutes ago
- Yahoo
Bernard Kerik remembered as ‘fearless' NYPD leader who helped guide NYC through 9/11
Former NYPD Commissioner Bernard Kerik was remembered as a 'fearless' leader who helped New Yorkers get through the darkest days of the 9/11 terror attacks before his death Thursday. The ex-Big Apple top cop, 69, died surrounded by family from a heart-related condition following a high-profile career in law enforcement that had its triumphs and controversies. 'He became police commissioner when they thought crime couldn't be reduced any further, yet he reduced it further. His work helped New York become the safest big city in America and a shining example of urban renaissance,' former mayor Rudy Giuliani said in a statement. 'Then he faced the worst foreign attack since the war of 1812 on American soil—September 11th. He was at my side within 20 minutes of the attack and never left.' 'Bernie's leadership helped guide the people of a very frightened city to draw from their inherent individual strength as Americans and children of God,' added Giuliani, who appointed Kerik police commissioner in 2000. He served about 16 months in the leadership role. 'Bernie could be the most fearless guy I know,' Giuliani also told The Post Thursday night. 'When he was police commissioner, he personally made arrests. You know what that did for morale? The cops loved it. I loved it. The public loved it.' Mayor Eric Adams said in a statement that he visited Kerik at the hospital Thursday afternoon, calling him a friend he's known for almost 30 years. 'He was with his loved ones, who are in my prayers tonight,' Adams said. 'He was a great New Yorker and American. Rest in peace, my friend.' Kerik started out as an NYPD cop in 1986 before he left the force to join the city's Department of Correction, being named its commissioner four years later by Giuliani. The former mayor said in his Thursday interview that Kerik excelled at curbing violence at Rikers Island during his stint in charge. '60 Minutes did a piece calling Rikers Island the worst jail complex in America,' he said. 'They came back five years later when Bernie was in charge and they couldn't believe the turnaround they saw.' Guardian Angels founder Curtis Sliwa said he worked with Kerik to help keep New Yorkers safe. 'I remember Bernie when he was an undercover cop in Times Square. He had a ponytail,' Sliwa, who is running for mayor as a Republican, said. 'He was street savvy. He was a street cop. He was a cop's cop.' Staten Island Borough President Vito Fossella called Kerik a 'true patriot.' 'Bernie Kerik served our city and nation, well,' he said. 'He was a true patriot, especially during and after September 11th.' Those who knew him personally described him as a loyal supporter and family man. 'In public, he had a tough exterior. Privately, he cherished his family, wife and kids, cops and he was always there for me and my family,' Kathy Vigiano, a retired cop and widow of 9/11 hero Det. Joseph Vigiano said. National figures also poured in their condolences to Kerik's loved ones. 'Heartbroken about the loss of our dear friend Bernie Kerik,' US Attorney General Pam Bondi tweeted. 'Prayers to Bernie's family and many friends.' FBI Director Kash Patel called Kerik 'a warrior, a patriot, and one of the most courageous public servants this country has ever known.' 'His legacy is not just in the medals or the titles, but in the lives he saved, the city he helped rebuild, and the country he served with honor,' Patel said. While Kerik had a remarkable career in law enforcement, including heading up a provisional police force in Iraq following the US invasion of the Middle Eastern nation in 2003, he later served four years in federal prison when he pleaded guilty to eight federal felonies, including tax evasion, in 2009. Additional reporting by Larry Celona.
