Dangote announces $50 billion investment in Africa
By the AFREEQUE newsroom, based on Daily Post
Aliko Dangote has announced a $50 billion investment plan in African oil infrastructure and confirmed the acquisition of 25% of Kenya’s pipeline distribution network. The group is also developing storage and supply corridors, according to the Daily Post, which cited the Nigerian businessman.
The Dangote Group, led by Nigerian businessman Aliko Dangote, plans to roll out a network for distributing petroleum products across Africa, with pipelines, storage capacity and supply corridors. Aliko Dangote has also called on African governments to protect local production from foreign competition, according to the Daily Post.
The group has acquired a 25% stake in Kenya Pipeline Company, which operates Kenya’s petroleum products transport network, with the support of Kenyan President William Ruto. It is also developing a corridor linking Djibouti to Addis Ababa in Ethiopia, as well as another project in Cameroon that is said to be close to completion.
Namibia is to serve as an entry point for refined products from Lagos into southern Africa. Aliko Dangote estimates the sea journey from his Nigerian refinery to Namibia at about four days, before distribution to Botswana and South Africa. Another corridor is planned through Zimbabwe and Zambia.
The group is also planning a refinery in Lamu, Kenya, with a stated capacity of about 700,000 barrels per day. The announcement comes on the day that Dangote acquires 25% of Kenya Pipeline Company, following several reports in September and October on its plans for a refinery in Lamu.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
