Dangote Group of Companies has confirmed that it would invest around USD4.6 billion in agriculture and USD800 million in the beef and dairy industry in the next five years.
The Chairman of the group, Alhaji Aliko Dangote, said this at a three-day National Conference on Transformation of Nigerian Livestock Industry in Abuja, NAN reports.
Dangote was represented by Alhaji Mansur Ahmed, the Executive Director, Stakeholder Management and Corporate Communications of Dangote Industries Limited, Dangote said that the USD4.6 billion investment in agriculture would be used to explore and develop sugar, rice and tomato paste production.
According to him, the USD800 million will be used to fund and develop beef and dairy projects of the company.
The billionaire however called on the private sector to invest in livestock sector to reposition the industry. He said “Nigeria spends over USD20 billion to import food.
“Dangote Group plans to go invest 4.6 billion dollars in agriculture and 800 million dollars in beef and dairy in the next five years.”
Just recently, South Africa’s largest cement maker, PPC was reported as another business that might adding itself to the portfolio of companies under Dangote Industries.
Aliko Dangote, Africa’s richest man is said to be looking at acquiring majority shares in the company.
Should Dangote’s hunt for PPC becomes successful, his company, Dangote Cement will become the largest cement company in Africa dwarfing LafargeHolcim, the French cement maker with majority shares in Lafarge Africa.
Dangote has in recent times focused his strategy on gaining majority market share in cement production, a move that has seen his company, Dangote Cement exporting the product from its Nigerian factories. His recent take on the oil refining end of the energy sector with the construction of the largest refinery in Africa in Lagos, Nigeria’s commercial capital will see his empire swell beyond projections.