Dangote invests $2.5B in Namibia’s energy business
The Dangote group has ramped up infrastructure investments over the past year to fill an African energy supply gap exposed by the Iran war. Africa’s richest man Aliko Dangote launched the construction of a $2.5 billion fuel storage and regional pipeline network in Namibia, extending the reach of the Nigerian’s energy business to take advantage of multibillion-dollar facilities in East and West Africa. The Dangote group has ramped up infrastructure investments over the past year to fill an African energy supply gap exposed by the Iran war, which has raised fuel prices across the continent. Namibia is expecting its own offshore oil blocks to come online at the end of the decade, and Dangote wants the pipeline to service southern Africa. A separate investment in Kenya’s pipeline company will boost Dangote’s new refinery under construction in the coastal Lamu region. Buoyed by high demand for its Nigerian refinery’s initial public offering in multiple African stock markets, Dangote is pursuing the expansion of every unit of his conglomerate, with future IPOs planned for the cement and fertilizer businesses.
The Dangote group has ramped up infrastructure investments over the past year to fill an African energy supply gap exposed by the Iran war. Africa’s richest man Aliko Dangote launched the construction of a $2.5 billion fuel storage and regional pipeline network in Namibia, extending the reach of the Nigerian’s energy business to take advantage of multibillion-dollar facilities in East and West Africa. The Dangote group has ramped up infrastructure investments over the past year to fill an African energy supply gap exposed by the Iran war, which has raised fuel prices across the continent.
Namibia is expecting its own offshore oil blocks to come online at the end of the decade, and Dangote wants the pipeline to service southern Africa. A separate investment in Kenya’s pipeline company will boost Dangote’s new refinery under construction in the coastal Lamu region. Buoyed by high demand for its Nigerian refinery’s initial public offering in multiple African stock markets, Dangote is pursuing the expansion of every unit of his conglomerate, with future IPOs planned for the cement and fertilizer businesses.