President, Dangote Group of Companies, Alhaji Aliko Dangote, plans to invest $7 billion in power, petrochemical and mining sectors of the economy within the next four years.

Dangote said he will be contributing $2.5 billion to these projects while $4.5 billion will be borrowed from reputable international lenders such the International Finance Corporation (IFC).

He disclosed these at a send off for the IFC Vice-President, Sub-Saharan Africa, Latin America and Caribbean and Western Europe, Mr Thierry Tanoh, in Lagos.
The funds, he said, will be deployed in generating 2,000 mega watts of electricity. ”We want we want to do power, that will be about 2,000 mw, that is infrastructure. We will be investing in petrochemical, which has to do with fertiliser and so on. We will do mining. These three things in the next three years, will be gulp $7 billion. We will put down our equity of about $2.5 billion and borrow $4.5 billion dollars,” he said.

Dangote commended IFC for committing huge funds to the Group businesses when many international lenders were not ready to give out credit to African companies. He noted that from as at 2006, the total loan portfolio in Africa was $150 million but has now increased to about $2 billion.

Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi said the IFC has worked like a development bank with an eye on returns, adding that the bank has carried out development projects in a manner that allows it make good money while contributing to growth and development of the economy.

OAM4J: This is indeed a good one.

I wish all Nigerian 'looters' can at least invest their loots for the benefit of their citizens like Dangote is doing.

Odu-toda-iwa:
We want to do power, that will be about 2,000 mw

buJu-234:
this is what GEJ & the PDP cacus have been waiting 4; they all make sure that the power & mining industry suffer;
so that their man Dangote will come and invest in it; then in future; bcom d only player in it.

then u will hear he has the biggest private power plant in Nigeria & also one of the biggest mining companies;
plus his Cement; Sugar etc...

what a country?

buJu-234:
this is what GEJ & the PDP cacus have been waiting 4; they all make sure that the power & mining industry suffer;
so that their man Dangote will come and invest in it; then in future; bcom d only player in it.

then u will hear he has the biggest private power plant in Nigeria & also one of the biggest mining companies;
plus his Cement; Sugar etc...

what a country?

Ijogz K: Once i see 15hrs uninterrupted power supply, i would come back to hail him.. Talk is cheap!!!

edicolove:

Funny comment from another negative Nigerian. So is it PDP that have been destroying the infrastructure since the 70s? The last time checked, PDP has been ruling since 1999 but the power problem has been there almost like forever.

Secondly, the state governments have been given the go ahead to build their power generating stations and some have already started. So how is he or GEJ monopolising anything. Why can't some of you just receive good news and be happy for one second. It is a terrible medical condition not to be able to smile or not to be able to see good in anything. Watch it bro.

Arosa:

I agree, Some of this peeps are exhibiting mild signs of depression. I recommended prozac for them, but predictable they refuse to take it.

Arosa:

I agree, Some of this peeps are exhibiting mild signs of depression. I recommended prozac for them, but predictable they refuse to take it.

Arosa:

I agree, Some of this peeps are exhibiting mild signs of depression. I recommended prozac for them, but predictable they refuse to take it.

wise_many2k: Last year, I heard about dangote's investment in the petrochemical industry by building a fertilizer plant in Edo state. I believe the guy despite the fact that i'm aware that he is highly favored by the govt. nevertheless, he must be commended for his investment in Nigeria's economy. My advice for engineers in Nigeria and diaspora (especially chemical, mechanical, safety, instrument, and electrical engineers) is that they shld get acquinted with the petrochemical industry operations/process plants (olefins, fertilizer, methanol, polyethylene plants, etc) cos there are lots of investments in this angle. This is the economy drive of the middle east nations now. They rely less on Oil than gas. I am also aware a methanol plant will soon be built in lekki free trade zone. So this is the time to start preparing yourself for the forth-coming jobs in the oil and gas downstream. sector. It is well with Nigeria.....

OAM4J: This is indeed a good one.

I wish all Nigerian 'looters' can at least invest their loots for the benefit of their citizens like Dangote is doing.

doctimothy: Well..... Since he'll soon be floating his company in the stock market means he's giving Nigerians the opportunity to own part of it. Since there are no other rich men in Nigeria who can step up and profer solutions, we'll just have to settle for this guy