AFK Insider: Dangote Looks To The Future: Oil Refineries, Fertilizer, Retirement

Africa’s richest man, Aliko Dangote, made his billions in cement and sugar, but looking ahead, he says he’s putting his money in two other sectors that will transform the Dangote group and leave something for posterity — oil refineries and fertilizer.

One of his most promising ventures is to develop Nigeria’s natural-gas sector into an export industry, Dangote said in a McKinsey interview with Rik Kirkland. To that end, Dangote plans to build a $12-billion refinery that can produce 650,000 barrels a day. It will be the largest petrochemical complex in the world in a single location and will generate a turnover of $24 billion a year, he said.

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