Aliko Dangote to invest up to $50bn in US and Europe — but has work to do closer to home first
London/Lagos — Africa’s richest man, Aliko Dangote, plans to invest $20bn-$50bn in the US 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 $5bn of agricultural projects and an $11bn oil refinery in his home country, he said in an interview with Bloomberg Markets Magazine this month. "Beginning in 2020, 60% of our future investments will be outside Africa, so we can have a balance," said Dangote, who is worth $11.6bn, according to Bloomberg’s billionaires index. Dangote Group’s major investment would be in the US 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 past five years, both geographically and into new industries. He has expanded Dangote Cement plc, which accounts for almost 8...
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