Dangote Group, the Nigerian firm headed by Africa's richest man Aliko Dangote, eyes a $16-billion investment in cement, agriculture, and petrochemicals. The said amount will be poured in over the next four years to bolster expansion, according to Bloomberg.
The African tycoon said of the planned investment, "We are investing $4.7 billion to finish our projects in cement in about 18 countries, including Nigeria. We are also spending about $2.3 billion on agriculture, which is sugar and rice."
The investment will help Dangote's Lagos-based company grow by nearly a third next year. The Bloomberg Billionaires Index says Dangote is worth $22.1 billion. The index also said he is the 34th richest man in the world, said the report.
Dangote also plans to invest in a natural gas power facility to help supply electricity to Nigeria, the most populous nation in Africa. This country is Africa's largest crude oil producer, but it depends on fuel imports to sustain over 70% of its needs, wrote Bloomberg.
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