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#InCaseYouMissedIt: Dangote to invest $7 billion in power sector

by Lekan Olanrewaju

Africa’s richest man, and soon to be world’s richest man (if we’re to go by his ambitions, that is) Aliko Dangote, has revealed plans to lead a $7 billion investment in Nigeria’s power sector.

Dangote, who revealed this during a send-off party for Thierry Tanoh, the International Finance Corporation (IFC) Vice-President for Sub-Saharan Africa, Latin America and Caribbean and Western Europe on Sunday in Lagos, also revealed that investments would be made in mining and power sectors as well.

Detailed information has not been released yet, but the business tycoon stated that he would be investing in the constructi on of a 2,000 megawatt power-generation facility.

“We want to do power that will be about 2,000 MW, that is infrastructure.” he said.

Dangote recently revealed that he would be listing his cement company on the London Stock Exchange in 2013.

He was quoted as saying that he intended to float a 20 per cent stake in Dangote Cement to finance its rapid expansion.

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