Dangote Plans $50bn Renewables And Petrochemicals Investment Across U.S., Europe

The richest man in Africa’s, Aliko Dangote, has revealed his plans to invest $20 billion to $50 billion in the U.S. and Europe by 2025, in industries including renewable energy and petrochemicals.

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 journalists this early this month.

“Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance,” said Dangote, worth $11.6 billion

Dangote Group’s major investment will be in 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.”