Africa’s richest man Dangote plans $16bn investment push

Dangote Group, the Nigerian company controlled by Africa’s richest man Aliko Dangote, plans to invest about $16-billion in cement, petrochemicals and agriculture over the next four years to boost expansion.

"We are investing $4.7-billion to finish our projects in cement in about 18 countries, including Nigeria," Dangote, the company’s president, said in an interview. "We are also spending about $2.3-billion on agriculture, which is sugar and rice."

The investment will help the Lagos-based company grow by almost a third in 2014, said Dangote, who is worth $22.1-billion according to the Bloomberg Billionaires Index, making him the world’s 34th richest man. "We are very, very optimistic for 2014 – we are expecting average growth of 30 percent groupwide," he said.

Doubling output
Dangote Cement, Africa’s biggest producer of the building material, said in April it plans to double annual total cement output to 55-million metric tonnes by 2015, boosted by new production in Cameroon, Zambia and South Africa.

Dangote Sugar, which plans to start exports to Liberia, Senegal and Mauritania next year, aims to almost double refining capacity to 2.75-million tonnes by 2017 and increase sugar crop production, chief executive Abdullahi Sule said in August.


"We are going to do a backward integration for rice "by growing the crop as well as distributing it," Dangote said. "We think Nigeria can be self sufficient in rice in the next three to four years."

Dangote plans to invest in a natural gas power plant to help provide electricity to Africa’s most populous nation, where a supply of 4 000 megawatts of electricity is less than half of demand. Nigeria, Africa’s biggest producer of crude oil, relies on motor fuel imports to meet more than 70% of its needs.

"The only new investment we are looking at is upstream – to look for gas to secure our future businesses," Dangote said. "We want to step in and make gas available, and this will translate into more stable power in the country." – Bloomberg

Subscribe to the M&G

These are unprecedented times, and the role of media to tell and record the story of South Africa as it develops is more important than ever.

The Mail & Guardian is a proud news publisher with roots stretching back 35 years, and we’ve survived right from day one thanks to the support of readers who value fiercely independent journalism that is beholden to no-one. To help us continue for another 35 future years with the same proud values, please consider taking out a subscription.

Related stories

The Nigerian government is killing its citizens — again

‘Nigeria kills its people. Nigeria has always killed its people.’

Elnathan John: Our merciful Nigerian father

“They say people disappear, young men with dreadlocked hair, with tattoos, or even just carrying a laptop in a backpack,” writes Elnathan John in a reflective essay about Nigeria.

Book review: The girl with the louding voice by Abi Daré

Abi Daré’s debut novel has been described as a celebration of girls who dare to dream

‘We don’t want to be shot to death’

Nigerian protesters have taken to the streets to protest the police’s brutal special anti-robbery unit, which they say profiles tech-savvy youths

Slam-dunk apps for basketball in Nigeria

Would-be professionals have taken to technology into their own hands to arrange fixtures and tournaments for their favourite sport

Where do Africans study abroad?

China is becoming the preferred destination for countries such as Ghana and Nigeria
Advertising

Subscribers only

SAA bailout raises more questions

As the government continues to grapple with the troubles facing the airline, it would do well to keep on eye on the impending Denel implosion

ANC’s rogue deployees revealed

Despite 6 300 ANC cadres working in government, the party’s integrity committee has done little to deal with its accused members

More top stories

Hawks swoop down with more arrests in R1.4-billion corruption blitz

The spate of arrests for corruption continues apace in Gauteng and the Eastern Cape.

Catholic NGO boss accused of racism and abuse in Sudan

The aid worker allegedly called his security guard a ‘slave’

Agrizzi too ill to be treated at Bara?

The alleged crook’s “health emergency” — if that is what it is — shows up the flaws, either in our health system or in our leadership as a whole

SANDF hid R200m expenditure on ‘Covid’ drug it can’t use

Military health officials are puzzled by the defence department importing a drug that has not been approved for treating coronavirus symptoms from Cuba
Advertising

press releases

Loading latest Press Releases…

The best local and international journalism

handpicked and in your inbox every weekday