Dangote Eyes Angola For New Investment In Refinery, Cement Plants
Aliko Dangote, Africa’s richest man, is now targeting Angola’s promising economic opportunities.
The Nigerian tycoon visited Luanda on Tuesday 26 November to discuss potential investments with President João Lourenço and officially open his company’s subsidiary in the Southern Africa nation.
Dangote’s interest spans multiple sectors, including the Lobito Corridor project, oil and gas, and cement production.
According to the Angolan Embassy in Nigeria, “The businessman and his executives aim to formalize their participation in the construction of the Lobito Refinery, within the framework of investments in the Lobito Corridor, the direct acquisition and operation of oil blocks in Angola’s onshore and offshore areas, as well as the acquisition or management of cement factories,” the embassy confirmed.
Dangote was received by President Lourenço and held working meetings with ministerial entities, Sonangol, the National Oil, Gas, and Biofuels Agency (ANPG), and heads of public institutions.
Dangote has expressed optimism about Angola’s improving business climate, noting that the country’s economic recovery is gaining momentum.
In a recent meeting with Ambassador José Bamóquina Zau to finalize the Luanda agenda, Dangote expressed his enthusiasm and commitment.
“I appreciate the attention of His Excellency João Lourenço at this moment when Africa must become increasingly united with its people. Angola’s economic situation has improved dramatically. We’re hearing positive reports from those visiting, and this encourages our desire to invest,” Dangote stated.
The Nigerian billionaire’s first step is to open a subsidiary of Dangote Industries in Angola to consolidate his investment intentions in various sectors.
This move aligns with Dangote’s broader vision for Africa, positioning Angola as a strategic hub in his quest to reshape the continent’s industrial landscape. Central to the strategy is the creation of the new subsidiary, which will oversee operations such as the Lobito Refinery and investments in both oil blocks and cement plants.
With a net worth of $27.7 billion, Dangote is ranked as the 66th richest person in the world.
His strategic investments in Angola and beyond are poised to unlock Africa’s vast untapped potential, cementing Dangote’s status as a leading figure in the continent’s economic ascent.
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