GTB 737 banner Yudala 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

Views: 555

•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


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
FG to allocate N60bn more on capital projects...

Zenith Bank rated Nigeria’s most customer-focused bank

South West PDP leaders ask Jonathan for Speaker's...

Group laments insecurity, widespread poverty in South-East •Calls...

Buhari’s Confession: ‘Jonathan shocked me in 2015’

Gunmen kill 20 persons, 83 cows in Nasarawa...

Akpabio proffers solution to Nigeria’s educational problems

NMA raises alarm over whereabouts of Lassa Fever...

Bad boy for life: MEND Leader Henry Okah...

Let NLNG be; it’s the best thing to...

Operation Delta Safe gets new Commander

K-Peace, Dolu eye top prize as curtain falls...

 

Latest News Soccer star bags 9 years jail term for alleged gang-rape 40 human traffickers nabbed Enugu budgets N1.5b for rehabilitation of 14 roads BLACK FRIDAY: Yudala records unprecedented spike in online traffic NIPC inaugurates centre with software to boost investments Mass housing: Lagos to allocate ready estates to first-time homeowners NSE turnover volume improves by 55.11% Buhari demands improved efforts against piracy, human trafficking •Emerges Chairman of Gulf of Guinea Commission Osun Govt. orders clampdown on tax defaulting federal MDAs Senate names members of committee to probe EFCC, DSS clash Our call on Deltans, investors yielding results — Okowa DSS, a clog in the fight against corruption, says CDHR

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (295,823 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (279,417 views) Shameless Genevieve Nnaji exposes breasts in public (225,911 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (190,079 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (181,554 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (166,623 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (144,500 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (130,816 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (127,628 views) Lagos plane crash: Journalist releases victims’ names (116,729 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (113,990 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (108,473 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (31) Business (2,781) Business Verdict (26) Columnists (771) Complaints & Requests (93) Enterprise & Opportunities (187) Entertainment (408) Features (510) Global Business Monitor (192) International (1,654) Interviews (138) Live Commentary (28) Love Matters (84) News (30,483) Opinion (838) Pidgin (9) Politics (4,125) Religion (649) Sports (1,357) Stock Watch (24) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

Argentina vs Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!