• Skip to main content
  • Skip to primary sidebar

Africa Horn Now

"We don't take sides; we help you see more sides."

Africa Horn Now

ካብ ውሽጢ ቤት ማእሰርታት ኤርትራ

Published: May 6, 2021

PBS: Escaping Eritrea … [Read More...] about ካብ ውሽጢ ቤት ማእሰርታት ኤርትራ

Aliko Dangote to invest up to $50bn in US and Europe — but has work to do closer to home first

August 17, 2017 By AHN

 FRANCINE LACQUA AND PAUL WALLACE | 17 AUGUST 2017 | Business Day

London/Lagos — Africa’s richest man, Aliko Dangote, plans to invest $20bn-$50bn in the US and Europe by 2025, in industries including renewable energy and petrochemicals.

Aliko Dangote. Picture: REUTERS/AKINTUNDE AKINLEYE
Aliko Dangote. Picture: REUTERS/AKINTUNDE AKINLEYE

The 60-year-old Nigerian cement tycoon aims to move into these territories for the first time in 2020 after completing almost $5bn of agricultural projects and an $11bn oil refinery in his home country, he said in an interview with Bloomberg Markets Magazine this month.

“Beginning in 2020, 60% of our future investments will be outside Africa, so we can have a balance,” said Dangote, who is worth $11.6bn, according to Bloomberg’s billionaires index.

Dangote Group’s major investment would be in the US and Europe, he said. “I think renewables is the way to go forward, and the future. We are looking at petrochemicals but can also invest in other companies.”

Dangote has diversified rapidly in the past five years, both geographically and into new industries.

He has expanded Dangote Cement plc, which accounts for almost 80% of his wealth, into nine African countries aside from Nigeria.

In 2015, he began building a 650,000-barrel-a-day refinery near Lagos, Nigeria’s main commercial hub, and is constructing gas pipelines to the city from Nigeria’s oil region with US private equity firms Carlyle Group and Blackstone Group.

He said in July that he would invest $4.6bn in the next three years in sugar, rice and dairy production.

Telecoms unappealing

“When you look at it — not just in Nigeria but in the rest of Africa — the majority of countries here depend on imported food,” he said. “There is no way you can have a population of 320-million in West Africa and no self-sufficiency.

“So the first thing to do is food security. I believe Dangote Group is in the right position to drive this trajectory.”

Dangote, who mostly lives in Lagos and counts Bill Gates among his friends, said he was a passionate industrialist and ruled out moving into newer sectors such as telecommunications or technology.

“When I look at telecoms, for instance, I think that would be very tough for us,” he said.

“Some players have been in this market for 17 years already. There’s no way you can go and jump over somebody after 17 years of their hard work.

“So I think we would pass when it comes to telecoms today. There are other businesses that we understand better.”

Dangote also said he was not planning to enter Nigerian politics.

“I’m not interested,” he said. “I enjoy a lot of what I am doing, and I also love my freedom — and I don’t have too much. The little I have, politics would take away.

“There are businessmen who are interested in politics. I’m not one of them.”

Filed Under: AHN NEWS

Primary Sidebar

A New Administration Won’t Heal American Democracy

Published: November 6, 2020

The Rot in U.S. Political Institutions Runs Deeper Than Donald Trump Larry Diamond | November 5, 2020 | Foreign … [Read More...] about A New Administration Won’t Heal American Democracy

Archives

  • May 2021
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • June 2019
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • November 2014
  • September 2014
  • August 2014
  • July 2014
  • May 2014
  • March 2014

Log In

Copyright © 2025 Africa Horn Now · WordPress · Log in