Dangote Takes His Business To America, Europe
Africa’s richest man, Aliko Dangote’s already has his hands in so many pies.
But he is extending his fingers to more of the pies across the Atlantic.
The business mogul plans to invest $50 billion in the United States and Europe by 2025, in renewable energy and petrochemicals.
This comes after completing almost $5 billion of agricultural projects and an $11 billion oil refinery in Nigeria.
He confirmed the planned investment in an interview with Bloomberg Markets Magazine.
“Beginning in 2020, 60% of our future investments will be outside Africa, so we can have a balance,” said Dangote, who is already worth $11.1 billion, according to Bloomberg’s Billionaires Index.
Dangote Group, he said, would consider investment in Asia and Mexico, but would focus mainly on the US and Europe.
“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,” he said.
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% of his wealth, into 9 African countries aside from Nigeria.