Aliko Dangote, the richest man in Africa, who is building one of the world’s biggest refineries in Lagos, in addition to investments in gas and petrochemical plants, said he expects total group revenue to grow to about $30 billion from $4 billion when the plants start operations in the next two years.
Thereafter, he plans to include investing about 60 per cent of profit outside Africa, including the U.S. and the U.K.
“Sometimes in Africa you have issues of devaluation. We want to really preserve some of the family’s wealth,” he said.
He plans to expand cement capacity on the continent by 29 per cent to 62 million tons, entrenching his flagship company’s position as the continent’s biggest producer of the construction material.
He plans to add six million tons in Nigeria next year, taking volume in Dangote Cement Plc’s home market to 35 million tons, he said in interview on Bloomberg Television.
The rest of the expansion is planned mainly in West Africa, including Niger and Cote d’Ivoire. The 62-year-old told shareholders in June the company plans to open plants in Nigeria that will allow it export clinker to grinding plants in Cameroon and West Africa.
Dangote Cement reported six per cent increase in profit for the six months through June to N119.5 billion ($331 million), even as revenue fell three per cent to N467.7 billion.