- Energy & Power
- Construction & Mining
- Buyers' Guide
Owner of the Dangote Group and Nigeria's richest man, Aliko Dangote, has revealed his intentions to expand his business interests into Burma and Iraq
The Nigerian billionaire disclosed the plans during an interview with the Financial Times of London recently, when he revealed that construction work on Dangote Cement plants in Burma and Iraq could begin as early as next year. He also told the British newspaper that plans to construct cement plants in Brazil, Chile and Indonesia in the near future were also underway.
According to Financial Times of London, Dangote Cement, which is already Africa’s largest cement company by annual production volume and market capitalisation, has been pursuing an aggressive growth strategy with plans to reach 100mn tonnes of output per year within the next five years.
Dangote explained that as much as 60mn tonnes would come from the company’s investments outside Africa, hence the decision to hasten expansion on other continents.
The cement tycoon said that some opportunities, such as entering Burma, might later disappear due to changing market conditions.
“We want to globalise because the markets in sub-Saharan Africa are limited in terms of cement production, though not in terms of other sectors,” he said.