Africa’s richest man, Aliko Dangote, plans to lead a $7 billion investment in Nigeria’s power, petrochemical and mining sectors over the next four years, Ventures Africa has reported. Dangote, who disclosed his intentions during a send-off party for Thierry Tanoh, the IFC Vice-President for Sub-Saharan Africa, Latin America and Caribbean and Western Europe on Sunday in Lagos, said that he will be investing in the construction of a 2,000 megawatt power-generation facility.
We want to do power that will be about 2,000 MW, that is infrastructure.
He did not disclose details about the planned mining and petrochemical investments.
Dangote’s largest investment is currently in cement, via his company Dangote Cement, which listed on the Nigerian stock exchange in 2010. He also owns stakes in publicly-traded companies operating in sugar refining, flour milling and salt processing. This new investment would mark Dangote’s first large-scale foray into power generation.