Fidelity bank banner Bayelsa State banner
Dangote to invest up to $50 billion in U.S., Europe

By Francine Lacqua and Paul Wallace on 17/08/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 903

•Africa’s richest man, Aliko Dangote
•Africa’s richest man, Aliko Dangote

Africa’s richest man, Aliko Dangote, plans to invest $20 billion to $50 billion in the U.S. and Europe by 2025, in industries including renewable energy and petrochemicals.

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

“Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance,” said Dangote, who’s worth $11.1 billion, according to Bloomberg’s Billionaires Index. Dangote Group will consider investments in Asia and Mexico, but will focus mainly on the U.S. 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 last five years, both geographically and into new industries. He’s expanded Dangote Cement Plc, which accounts for almost 80 percent 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 he’s constructing gas pipelines to the city from Nigeria’s oil region with U.S. private equity firms Carlyle Group LP and Blackstone Group LP. He said in July he’d invest $4.6 billion in the next three years in sugar, rice and dairy production.

Shares in Dangote Cement rose 0.5 percent to 215 naira at 12.10 p.m. in Lagos Thursday, extending the advance this year to 24 percent.

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 has no plans 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.” (Bloomberg)

Source News Express

Posted 17/08/2017 3:16:22 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Lagos seeks comprehensive strategy to tackle security challenges;...

NNPC woos Chinese investors, holds road show in...

Pastors arrested for defying Rwandan Government order to...

Father Edeh's Foundation supports IDPs with $100, 000...

Good news for students: VARSITIES VOTE TO END...

Hope rises for NOUN law graduates

DAKUKU PETERSIDE cries out, says: ‘I HAVE NEVER...

ACN orders kidnappers to release council chairman within...

Oluwo of Iwo, Emir of Ilorin establish brotherhood,...

Guber poll: APGA RALLY SHAKES ONITSHA; ROYAL FATHER...

Arsenal crush Bayern Munich to revive Champions League...

$16bn Power Project: Make your findings public, anti-graft...

 

Latest News Soldier kills 13-year-old school boy in Ondo Abandoned Projects: EFCC goes after Niger Delta contractors Policeman killed as Shiites continue protest against El-Zakzaky's detention Russia 2018: Pastor demands money to pray for Super Eagles’ win over Iceland 2018 Budget: South East senators express shock over reported cuts Nigerian banks lose N12.30bn to fraud in 4 years – NIBSS Auditor’s Report: NASS to sanction erring MDAs APC Convention: APC diaspora members throw weight behind Oshiomhole as new party chairman Again, court dismisses serial fraudster, Emmanuel Nwude’s application for bail Egypt to open defence office in Abuja Fake eye surgeon in police net World Cup: Saraki, others to watch Super Eagles against Iceland in Volgograd

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (352,354 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (351,744 views) Shameless Genevieve Nnaji exposes breasts in public (280,306 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (230,159 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (209,107 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (208,830 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (181,861 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (163,963 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (153,962 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,664 views) Lagos plane crash: Journalist releases victims’ names (143,879 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,702 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,261) Business Verdict (44) Columnists (870) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (505) Features (607) Global Business Monitor (283) International (2,045) Interview (154) Live Commentary (28) Love Matters (124) News (36,383) Opinion (1,004) Pidgin (10) Politics (5,299) Religion (771) Sports (1,555) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Portugal v Spain 2018

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement