Dangote Opens Subsidiary in Another Country After Building Africa’s Largest Refinery
- With a focus on the cement and oil sectors, Aliko Dangote is expanding Dangote Industries' footprint in Angola
- By purchasing and managing both onshore and offshore oil blocks, he hopes to expand his industrial presence in Africa
- He will also engage with key stakeholders, such as Sonangol, the nation's oil company, and the National Oil, Gas, and Biofuels Agency
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The wealthiest man in Africa, Aliko Dangote, is extending Dangote Industries' presence in Angola with an emphasis on the cement and oil industries.
Source: Getty Images
This action is a part of his plan to increase his industrial footprint in Africa by acquiring and operating in both onshore and offshore oil blocks.
This week, Dangote landed in Luanda and established a new subsidiary to oversee investments in vital industries including infrastructure, cement, and electricity.
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This is the most recent stage of Dangote Industries' continuous growth as it seeks to take advantage of Angola's expanding economy.
Dangote met with Angolan President João Lourenço during his visit, and it is anticipated that they would discuss future cooperation at a high level.
In order to demonstrate his growing commitment to Angola's energy industry, he will also interact with important players including the National Oil, Gas, and Biofuels Agency (ANPG) and Sonangol, the country's oil business.
Dangote's larger plan for Africa is in line with this action, which establishes Angola as a key location in his effort to transform the industrial landscape of the continent.
The establishment of a subsidiary which will manage activities like the Lobito Refinery and investments in cement and oil blocks, is a key component of the plan.
Given that Angola's economic recovery is gathering steam, Bilionaires.africa reported that Dangote has voiced optimism about the country's improved business environment.
“Angola’s economic situation has improved dramatically. We’re hearing positive reports from those visiting, and this encourages our desire to invest,” he remarked following a meeting with Ambassador José Bamóquina Zau.
One of the main elements of Aliko Dangote's larger plan to promote industrial growth throughout Africa is the expansion in Angola. Dangote Industries already has the biggest cement plant in the area and the biggest oil refinery on the continent. Its diverse portfolio includes packaged foods, sugar, salt, and fertilizer.
FG licenses another refinery in North
Legit.ng reported that the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has approved the license to construct a new refinery.
Process Design and Development Limited received NMDPRA approval to establish and construct a new 27,000 barrels per day refinery.
The authority disclosed that the new refinery will be located in the Dole-Wure, Akko area of Gombe State.
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Source: Legit.ng
