The CEO Dangote Group of Companies and Africa's richest businessman, Alhaji Aliko Dangote plans to invest $7 billion in power, petrochemical and mining sectors of the economy within the next four years according to Ventures Africa.
The billionaire businessman said he will be contributing $2.5 billion to these projects while $4.5 billion will be borrowed from reputable international lenders such the International Finance Corporation (IFC).
He disclosed these at a send-off for the IFC Vice-President, Sub-Saharan Africa, Latin America and Caribbean and Western Europe, Mr Thierry Tanoh, in Lagos.
Dangote explained that the funds will be deployed in generating 2,000 megawatts of electricity.
”We want we want to do power, that will be about 2,000 megawatts that is infrastructure. We will be investing in petrochemical, which has to do with fertiliser and so on. We will do mining. These three things in the next three years, will be gulp $7 billion. We will put down our equity of about $2.5 billion and borrow $4.5 billion dollars,” he said.
Dangote lauded the IFC for committing substantial funds to the Group’s businesses at a time when there was little or no credit given to African companies. He also pointed out the increase in the total loan portfolio in Africa from $150 million in 2006 to $2 billion. Click to signup for FREE news updates, latest information and hottest gists everyday
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Thumbs up Dangote!
ReplyDeleteDangote's action is like telling the so called developed world investors that even the Local ones can do it better, i.e Charity begins at home, well-done and carry go!
ReplyDeleteDangote,well done my BROTHER.
ReplyDeleteYou are not like the Ex-Governor of Kogi
who is investing his loots in marrying
thirteen(13)wives. He is tell Nigeria
where our money is going.
Good job Dangote. keep up the good work.
ReplyDeleteThis isnt the first, second & will not be the last that dangote is doing for his country! his other couterparts should also join hands & tackle difficult problems (power, infrastructure)for this country, govt alone cant do everything!
ReplyDeleteLater you will see nonentities that can hardly contribute 1kobo to develope nigeria, running their filthy mouth condeming the race & religion of this gentleman (Dangote). what have your own ppl contribute to this nation? instead involved in cabalism & looting public funds.
Dangote! may GOD reward you & give you the power to do more for naija!..