Africa’s richest person Aliko Dangote began discussions with the Tanzanian government to invest in several major infrastructure projects in the East African nation, as his business empire expands across the continent.
“We have identified areas that can deliver significant value for Tanzania, and we are ready to work together to develop them for our mutual benefit,“ Dangote said after talks with President Samia Suluhu Hassan, according to an emailed statement late Monday.
The planned investments include a port development project and the construction of a 40-kilometer (25 miles) concrete access road to support the hub, he said.
Dangote, who already has the biggest cement plant in Tanzania, is also planning to invest in the development of a special trade zone, a 2,000-megawatt coal-fired power plant, a urea fertiliser project and transport infrastructure linking the port city of Mtwara on the Indian Ocean with Mbamba Bay on Lake Malawi in southern Tanzania, according to the statement.
Official talks to formalise the agreements will begin in the next few days, according to the statement.
African governments are increasingly turning to Dangote for investments in their manufacturing sector after the US-Israeli war with Iran left many vulnerable due to their heavy reliance on fertilizer and fuel imports from the Middle East.
Dangote recently agreed to replicate his 700 000 barrels-per-day Lagos-based refinery in Lamu, a coastal town in Kenya. The billionaire also said last month that he would boost his spending on a fertiliser complex in Ethiopia to more than $4 billion.
The Dangote Group plans to spend about $40 billion over the next five years to expand its business empire on the continent.
BLOOMBERG
