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Billionaire industrialist and Africa’s richest man Aliko Dangote has revealed a strategic move to expand Dangote Group’s operations into neighboring Cameroon.
The group already has a 1.5-million-tonne cement grinding facility in the Francophone West African country.
In a recent announcement, the tycoon said the group will expand its investments into other sectors, starting with Cameroon’s oil and gas sector.
“We have plans to expand our investment to other sectors beginning with oil and gas,” Dangote said. He made the announcement to journalists on June 23 after meeting with Cameroonian President Paul Biya in the country’s capital of Yaounde.
He further noted that Dangote Group will increase cement production from its facility in Cameroon.
Lately, the Nigerian billionaire has laid out ambitious plans to grow his business empire within and beyond the shores of Africa.
Several weeks ago, Dangote Group launched a $2.5-billion fertilizer plant, which produces three times more than local consumption in its primary market, Nigeria.
The plant is located at the Lekki Free Trade Zone Area within the soon-to-be-launched Dangote Oil Refinery complex, which is slated to be one of the world’s biggest refineries.
While Nigeria’s annual fertilizer consumption is estimated to be below 1 million tonnes, the plant can produce 3 million tonnes per year.
At a virtual economic forum hosted by Qatar on June 22, Dangote unveiled plans to export fertilizer products to Louisiana and Brazil. A portion of the products will reach the United States in late June or early July, while the bulk of exports will go to Brazil.
The move will see Africa’s wealthiest man clinch portions of the U.S. and Brazilian fertilizer markets.
