Dangote Looking to take over US and Europe with $20 Billion Investment
Aug 18, 2017 Business 0 1869 By Abdulkerimu Oare
- 60% of Dangote investments from 2020 would be beyond Africa.
- Interested in exploring renewable energy and petrochemicals.
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- Aiming opportunities in the US and Europe.
- Not interested in Politics anytime soon.
Times are changing and the richest black man alive is not waiting to be left behind. Dangote who is currently worth $11.6 Billion according to Bloombergâ€™s Billionaires Index is already looking ahead as he aims to diversify in the future to renewable energies and Petrochemicals.
Dangote who has never looked beyond the shores of Africa is aiming to do so for the first time once he completes a $11 billion oil refinery and also completes $5 billion worth of agricultural projects in Nigeria.
The 60 years old Business Tycoon made this known in a recent interview with Bloomberg Markets Magazine earlier this month.
He said â€œBeginning in 2020, 60 per cent of our future investments will be outside Africa, so we can have a balance,â€
â€œI think renewables is the way to go forward, and the future. We are looking at petrochemicals but can also invest in other companies.â€
â€œWhen you look at it â€” not just in Nigeria but in the rest of Africa â€” the majority of countries here depend on imported food,â€ he said. â€œThere 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. I believe Dangote Group is in the right position to drive this trajectory.â€
When I look at telecoms for instance, I think that would be very tough for us.â€
â€œSome players have been in this market for 17 years already. Thereâ€™s no way you can go and jump over somebody after 17 years of their hard work. So I think we would pass when it comes to telecoms today. There are other businesses that we understand better,â€ added Dangote.
When asked whether he was gunning for any political position anytime soon, Dangote's response was a strong "I am not interested".
He further added â€œI enjoy a lot of what I am doing, and I also love my freedom â€” and I donâ€™t have too much. The little I have, politics would take away. There are businessmen who are interested in politics. Iâ€™m not one of them.â€