Big Machinery
Exploration & DevelopmentCentral AfricaInvestingMarketsNewsOil & GasWest Africa

Nigerian billionaire Dangote to expand into oil, gas in Cameroon

Aliko Dangote, Africa’s richest person, said he plans to diversify his group’s investments in Cameroon, starting with energy.

“We have plans to expand our investment to other sectors beginning with oil and gas,” Dangote told reporters Wednesday after meeting Cameroonian President Paul Biya in the capital, Yaounde. He didn’t provide further details.

The Nigerian billionaire, founder of the multinational industrial conglomerate Dangote Group, also announced his company will double cement production in Cameroon. Dangote opened a 1.5 million-ton cement grinding facility in the central African nation in March 2015 that ended a 40-year French monopoly in the industry.

Want more stuff like this?

Join over 116, 000 subscribers and receive our weekly newsletter!

Please tick the News Alerts you wish to receive:

Bloomberg News

Bloomberg delivers business and markets news, data, analysis, and video to the world.