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Dangote to invest in Nigeria petrochemicals sector

12.13.2013  | 

Dangote Group, plans to invest about $16 billion in cement, petrochemicals and agriculture over the next four years to boost expansion.

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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 Africa’s most populous nation, where a supply of 4,000 megawatts of electricity is less than half of demand. Nigeria, Africa’s 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 country.”

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.



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