Dangote plots $50b group investment in US, EU from 2020 via partnerships
In what may seem saturation of investments in Africa, leading African industrialist, Alhaji Aliko Dangote, has given an indication suggesting that his group may begin gradual reduction in African stakes for Europe and Americas.
In a recent interview, he said new plans are on to commit between $20 billion and $50 billion worth of future investment in markets outside the African continent, and key destinations may begin with United States and Europe from 2020.
Currently basking on global financial rating of about $12.3 billion as of mid-August in an interview with Bloomberg market, Dangote hinted that aside from the 650,000 barrels per day refinery bill for completion in 2019, the group would consider investing in renewables.
He said “We will get into renewables, of course, but we’ll try and partner. Beginning in 2020, 60 percent of our future investments will be in the US and Europe.”
Besides, the Dangote Group would be looking at petrochemicals, but could also invest in other companies, saying, “We must believe in the management and what they are doing. But the priorities are here for now. In 2020, the priorities will change, and we’ll diversify because we will have the cash to divest.”
On what excite him about the entire business empire, he said presiding over the chains of businesses for over 20 years was not all about making money, rather it involved making impact.
In his submission, Dangote narrated thus: “For more than 20 years, Dangote was just a trading company. Then we decided we wanted to be an industrial giant and we had to start somewhere. It wasn’t just about cement. It was about industrialisation. If you look at what Dangote Group is doing, it is about improving people’s lives.”
