Africa's richest man plans to invest $50 billion in U.S., Europe

BY KYLE BATES
Posted on JUL 22, 2019

He said that he is currently focusing on investment projects in his home country, including $5 billion of agricultural initiatives and an $11 billion oil refinery.

Energy industries in Europe and the United States may get a big boost courtesy of Africa. Aliko Dangote, a Nigerian billionaire, announced in an interview with Bloomberg Markets Magazine that he plans to invest $20 billion to $50 billion by 2025 in European and U.S. renewable-energy companies and petrochemicals, as well as other industries.
He said that he is currently focusing on investment projects in his home country, including $5 billion of agricultural initiatives and an $11 billion oil refinery. But he plans to shift heavily toward putting his money in enterprises in other parts of the globe after 2020.
"Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance," said Dangote, adding that "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 is founder and chair of Dangote Cement, Africa's largest cement producer, and also owns stakes in salt, sugar, and flour-manufacturing companies. He has a net worth of $13.2 billion, which puts him ahead of many U.S. billionaires, including Donald Trump and Charles Schwab, whose wealth totals respectively $3.5 billion and $8.3 billion, according to Forbes.
Food companies and farming have been priorities for him, he told Forbes, because many African countries rely heavily on food imports. He said that the region would benefit from cultivating more domestic food production in order to increase "food security," and that "I believe Dangote Group is in the right position to drive this trajectory."
Energy is increasingly drawing his interest nowadays, as well. Starting with African energy: Dangote is now constructing gas pipelines to reach from Nigerian oil fields to Lagos, Nigeria's main commercial hub; and he's been working on plans for a new oil refinery since 2015