The 60-year-old Nigerian cement tycoon aims to move into these territories for the first time in 2020 after completing almost $5 billion of agricultural projects and an $11 billion oil refinery in his home country, he said in an interview with Bloomberg Markets Magazine this month.
“Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance,” said Dangote, who’s worth $11.1 billion, according to Bloomberg’s Billionaires Index. Dangote Group will consider investments in Asia and Mexico, but will focus mainly on the U.S. and Europe, he said. “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 has diversified rapidly in the last five years, both geographically and into new industries. He’s expanded Dangote Cement Plc, which accounts for almost 80 percent of his wealth, into nine African countries aside from Nigeria. In 2015, he began building a 650,000 barrel-a-day refinery near Lagos, Nigeria’s main commercial hub, and he’s constructing gas pipelines to the city from Nigeria’s oil region with U.S. private equity firms Carlyle Group LP and Blackstone Group LP. He said in July he’d invest $4.6 billion in the next three years in sugar, rice and dairy production.
Shares in Dangote Cement rose 2.7 percent to 219.80 naira in Lagos Thursday, extending their advance this year to 26 percent.
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