By UCHE OKORONKWO & EMELE ONU
LAGOS (Bloomberg) -- Dangote Group, the
Nigerian company controlled by the richest African person,
Aliko Dangote, plans to invest about $16 billion in cement, petrochemicals and agriculture over
the next four years to boost expansion.
Dangote plans to invest in a natural
gas power plant to help provide electricity to
Africas most populous nation, where a supply of 4,000
megawatts of electricity is less than half of demand. Nigeria,
Africas biggest producer of crude oil, relies on motor
fuel imports to meet more than 70% of its needs.
The only new investment we are looking at is upstream
-- to look for gas to secure our future businesses,
Dangote said. We want to step in and make gas available,
and this will translate into more stable power in the
Dangote Industries agreed a $3.3 billion loan with 12 local
and international banks to help fund construction of a $9 billion
petroleum oil refinery and petrochemical and fertilizer complex
in Nigeria, Standard Chartered, the global coordinator of the
deal, said September 4.