Africa’s richest man, Aliko Dangote, said he plans to make major investment in ports, power, and roads in Tanzania, as part of his plans to expand amid a surge in global fuel and fertilizer costs.
The Nigerian billionaire held talks with Tanzania’s president last week, and said both parties have agreed on mutually beneficially sectors that can “deliver significant value,” with formal talks to finalize a deal to be held soon.
Dangote’s vast empire includes cement and fertilizer subsidiaries, which he is looking to expand across the continent. The group’s oil refinery in Nigeria is the largest in Africa, with a project to double its capacity to 1.4 million barrels per day now underway. Dangote has already announced plans to set up a second oil plant in Kenya to serve the East Africa region, and invited Tanzania to “to participate in the investment.” Rising oil prices and fuel shortages have spurred calls for Africa to move toward greater self-reliance.