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Friday, September 22, 2017
Dangote plans to expand his business empire to Europe and United States...

Dangote plans to expand his business empire to Europe and United States of America

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Alhaji Aliko Dangote has hinted about his plans to invest at least $20 billion in renewable energy and petrochemicals in the United States of America and Europe.

Dangote made this disclosure during his recent interview with Bloomberg magazine.

“Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance.” Dangote further disclosed these investments will be “…mostly in Europe and the U.S., but we can also invest in Asia, in Mexico.”

“We are looking at petrochemicals but can also invest in other companies. 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.”

“Let’s say that by 2025, I’m looking at between $20 billion and $50 billion. Mind you, we don’t do small things,” he said.

In the last ten years, Dangote has begun diversification of his business portfolio to another sector. These sectors are agriculture, oil and gas as well as renewable energy.

Also in May 2017, Dangote group announced investments of $1 billion rice cultivation and out-grower scheme.

Dangote told the Bloomberg that what excites him now as a businessman is investing agriculture.

“Agriculture. When you look at it—not just in Nigeria but in the rest of Africa—the majority of countries here depend on imported food. There is no way you can have a population of 320 million in West Africa and no self-sufficiency. So the first thing to do is food security. We have land, we have water, we have the climate—we shouldn’t be a massive importer of food. With modern farming, you can get 8 to 10 tons per hectare.”

“I believe Dangote Group is in the right position to drive this trajectory. I expect another 5 to 10 companies to join our efforts in the next year. By 2019 we might be able to actually create about 290,000 jobs in agriculture. And that’s what you can do to empower people, especially those from rural areas,” Dangote said.

In July 2017, Dangote also declared it is investing about $4.6 billion in sugar and dairy production in Nigeria.

At present, Dangote Cement which accounts for over 75 percent of his wealth has expanded to nine other African countries. According to Bloomberg Billionaire index,Dangote is currently worth about $14.2 billion and among top 100 billionaires in the world.

CREDITS: BUSINESS INSIDER

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