Africa’s richest man, Aliko Dangote, plans to invest
$50bn in the United States and Europe by 2025, in renewable energy and
petrochemicals.
This is coming after completing almost $5bn of
agricultural projects and an $11bn oil refinery in Nigeria.
He confirmed the planned investment in an interview with
Bloomberg Markets Magazine.
“Beginning in
2020, 60 per cent of our future investments will be outside Africa, so we can
have a balance,” said Dangote, who is worth $11.1bn, according to Bloomberg’s
Billionaires Index.
Dangote Group would consider investment in Asia and
Mexico, but would focus mainly on the US and Europe, he said, adding that, “I
think renewable energy is the way to go forward, and the future. We are looking
at petrochemicals but can also invest in other companies.”
According to the report, Dangote has diversified rapidly
in the last five years, both geographically and into new industries. He has
expanded the Dangote Cement Plc, which accounts for almost 80 per cent of his
wealth, into nine African countries aside from Nigeria.
In 2015, he began
building a 650,000 barrel-a-day refinery near Lagos, and he is constructing gas
pipelines, connecting to Lagos from the Niger Delta with the US private equity
firms Carlyle Group LP and Blackstone Group LP.
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