The richest man in Africa and the Chairman of Dangote Group plans to invest up to $50 billion in the U.S. and Europe by 2025.
The 60-year old Nigerian business tycoon said in a Bloomberg interview that he plans to focus on renewable energy and petrochemicals when he moves into these territories in 2020, after completing his $11 billion oil refinery and $5 billion agricultural projects in his home country, Nigeria.
“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.”
Dangote, who has diversified across broad industries in the last five years. Expanded his Dangote Cement Plc, which accounts for about 80 percent of his wealth, into other nine African countries aside Nigeria.
In 2015, the billionaire commenced a 650,000 barrel a day refinery project in Lagos, Nigeria, and presently building the largest sub-sea pipeline infrastructure in the world to handle three billion SCF of gas per day.
Also, Dangote plans to build a 570 MW power plant in his complex and augment natural domestic gas supply.
“Gas from its pipeline will augment the natural domestic gas supply with an additional 12,000MW of power generation added to the grid from its gas system.