Africa’s richest man, Aliko Dangote plans to invest between $20bn and $50bn in the United States and Europe by 2025 in renewable energy and petrochemicals. He made this known in an interview with Bloomberg magazine on Thursday 17th of August 2017.
“Beginning in 2020, 60 per cent of our future investments will be outside Africa, so we can have a balance,” said Dangote. He further explained that he plans to invest in renewables by partnering with companies in US, Europe and if possible Asia and Mexico.
“Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance. I think renewables is the only way to go forward, and the future,” he said.
Apart from renewables, Dangote is also looking to invest in petrochemicals, however, he intends to prioritize his investments. “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,” he said.
In the last five years, Dangote has expanded his business both geographically and within various industries. He has also joined the train of investors in the Nigerian Agricultural sector in order to help the government in its diversification plans that will bring the country out of recession. In May, the Dangote Group announced that it was investing about $1 billion in rice cultivation through its out-grower scheme. Dangote has an out-growers scheme where thousands of farmers are empowered with improved seeds and items needed to cultivate rice.
In July 2017, the company announced again that it was investing $3.8 billion into sugar and rice production. The conglomerate plans to increase its production of sugar to 1.5 million tonnes a year by 2020 from 100,000 tonnes that it currently produces. It also seeks to add one million tonnes of rice to the market.
Aside from Nigeria, Dangote Cement, which accounts for over 75 percent of his wealth has expanded into nine other African countries. According to the Bloomberg Billionaire Index, Dangote is currently worth $11.6 billion.