Dangote plans to invest $16bn over four years
DANGOTE Group, the Nigerian company controlled by Africa's richest man, Aliko Dangote, plans to invest about $16bn in cement, petrochemicals and agriculture over the next four years.
"We are investing $4.7bn to finish our projects in cement in about 18 countries, including Nigeria," Mr Dangote told Bloomberg. "We are also spending about $2.3bn on agriculture, which is sugar and rice."
The investment will help the Lagos-based company grow by almost a third in 2014, said Mr Dangote. "We are very, very optimistic for 2014 -- we are expecting average growth of 30pc groupwide," he said.
Dangote Cement, Africa's biggest producer of the building material, said in April it plans to double annual total cement output to 55 million metric tons by 2015, boosted by new production in Cameroon, Zambia and South Africa.
Mr Dangote also plans to invest in a natural gas power plant to help provide electricity to Africa's most populous nation. (Bloomberg)