• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketTreasury BillsMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Finance

      Decent first 2021 auction for DMO, but drive to finance FGN deficit still poses a challenge

      9 hrs

      Finance

      Exposing Nigeria’s vulnerabilities: Covid-19, crude oil downsides from weak global macro environment

      9 hrs

      Finance

      Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

      January 21, 2021

      Companies

      Total Nigeria, Mixta, Valency, list new CPs on FMDQ platform to enhance financial markets development

      January 19, 2021

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Frontpage

      SDG: Covid-19 magnifies financing gap in developing countries by 70%, says OECD

      7 hrs

      Frontpage

      Africa startups received $2.44bn investment with marginal drop in 2020

      19 hrs

      Markets

      Nairobi Stock Exchange pushes expansion plans with more listings in 2021, says CEO

      January 23, 2021

      Africa Investment Forum

      Africa’s $60bn losses in illicit capital flows due to multinationals’ tax avoidance, says AfDB Adesina

      January 22, 2021

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Oil and Gas

      Nigeria’s electricity DisCos create imbalance costing N20.5bn in 3 weeks  

      22 hrs

      Companies

      Appeal Court suspends order against shutting of SEPLAT headoffice

      January 23, 2021

      Frontpage

      OPEC welcomes push for electric vehicles, but says fossil fuel remains strong

      January 21, 2021

      National: Governance, Policy & Politics

      Nigeria ramps up domestic LPG consumption above 1MMT, says PPPRA

      January 20, 2021

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analyst Insight

      Misconstruing Data Protection Officer function within organisations

      January 25, 2021

      Analyst Insight

      CBN meeting and NSE in focus

      January 18, 2021

      Analyst Insight

      Once again, fiscal stimulus takes centre stage

      January 18, 2021

      Analyst Insight

      Organisations must learn from the WhatsApp story  

      January 18, 2021

Frontpage

Africa’s richest man looking outside the continent for investments, to stake $50bn in US, Europe

August 17, 20171.3K views0 comments

Nigeria’s Aliko Dangote and Africa’s richest man is looking outside the continent for investments. According to reports, he plans to invest up to $50 billion, about 60 percent of his group investments, in the U.S. and Europe by 2025, with renewable energy and petrochemicals industries as targets

The cement tycoon is expected to move into these territories beginning 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.

Aliko Dangote
Aliko Dangote

“Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance,” said Dangote, worth $11.6 billion, according to Bloomberg’s Billionaires Index.

Dangote Group’s major investment will be in 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.”

Read Also:

  • Africa’s $3bn+ data centre market presents opportunities
  • Africa opens world’s largest single market (4)
  • AfDB signs investment partnership with EIB to fast track development in Africa
  • Africa startups received $2.44bn investment with marginal drop in 2020
  • Nigeria, Africa remittances on target as Wari, Lycaremit sign partnership

Dangote has diversified rapidly in the last five years, both geographically and into new industries. He has 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 fell 4.9 percent to N214 in Lagos Wednesday, paring the advance this year to 23 percent.

“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 wasn’t 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.”

Share on Facebook Tweet Email
TagsAfrican richest man Aliko Dangote Bill Gates Dangote Group’s major investment Europe Investment Nigerian Richest man US Investment
PreviousNigeria saves $3bn as oil production cost drops 70.5% to $23 per barrel
NextNigerian lenders lose N56.4bn overdraft income to treasury single account policy

Leave a comment

- Cancel reply

MARKET DATA

Market Videos

Recent Posts

  • Unilever Nigeria cuts operating loss significantly as revenue rises 1.3% to N61.6bn
  • Bargain hunters feast on Airtel, MTN, Lafarge as Nigeria bourse swings higher
  • SDG: Covid-19 magnifies financing gap in developing countries by 70%, says OECD
  • Nigerian university agriculture institute researchingflood resistant maize
  • CBN’s MPC keeps MPR at 11.50% in line with analysts’ expectations

World

Africa

Buhari, Okonjo-Iweala congratulate Adesina over reelection as AfDB President

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

18 states worse hit by poverty, says AfDB

Frontpage February 4, 2020

1
2

Investors pick new brides in bonds following OMO ban

Frontpage November 4, 2019

3

Visa to acquire ‘unicorn’ Interswitch stake for $1 billion

Deal November 12, 2019

4

Investors’ rally in Dangote, Nigerian Breweries, ETI sustains equities market bull run by 0.4 percent

Frontpage January 17, 2019

5

Nigeria’s trade rose by 2.5 per cent to N8.24tn in first quarter

Frontpage June 7, 2019

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.