Africa’s richest man, Aliko Dangote, has announced new plans to invest an undisclosed sum in the development of a major coal mine in Tanzania, even as he continues to expand his business interests across the continent.
According to Tanzania’s Guardian newspaper, Dangote revealed his plans last week Thursday when he met Tanzania’s Vice President Dr. Mohammed Gharib Bilal, during the Africa Global Business Forum in Dubai, the United Arab Emirates.
Dangote said he plans to invest significantly in the Mbinga coal mine in Tanzania’s southwestern region, as he plans to use the coal to produce energy for use at his cement plant in Mtwara which is currently in construction. When completed, the Dangote Cement plant will produce three million tonnes of cement per year, almost half of the country’s net production.
During the Africa Global Business Forum in Dubai, Africa’s richest man, who recently went into an agreement with the Investment Corporation of Dubai to explore other business opportunities across Africa, applauded Tanzania for its favorable investment policies and promised that cement production will commence immediately the plant is completed.
“I am sure the southern part of Tanzania will automatically change in terms of economic prospects due to investments in the area,” he said.
In a related development, Dangote has reiterated his plan to invest $12 billion in the Nigerian economy. He made this known through his Eid-el-Kabir message which he issued in Lagos on Saturday. Of this amount, he said his Dangote group will invest $2.3 billion in sugar and rice production in Adamawa State in Nigeria’s northern region to create about 180,000 jobs and combat terrorism.
Dangote, who wished the Muslims a rewarding festival, also used the opportunity to admonish Nigerian youths to be patriotic and hardworking, and urged them to channel their energy towards nation-building.
Mfonobong Nsehe: Contributor: Forbes Magazine