Dangote, US Billionaires Partner to Raise $500 Million For African Startups, Secure $140m
- Nigerian billionaire businessman Aliko Dangote is partnering with other billionaires to raise funds for African businesses
- A group of top US investors says they intend to invest about $500 million into businesses in Africa
- They will invest the funds into power and logistics, among other areas of interests
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Africa's richest man and the Chairman of the Dangote Group, Aliko Dangote, is partnering with billionaire investors from the US to support a $500 million Africa-focused fund.
A team from Carlyle Group Inc. announced that they have gotten the support of the founders of the US equity company and Dangote for a new fund devoted just to Africa.
Source: Getty Images
Investors have already attracted $140 million
Genevieve Sangudi, its managing director, said David Rubenstein and Bill Conway, co-founders of Carlyle, are among the top investors in the fund.
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According to her, the equity firm's objective is to raise about $500 million for startups and businesses across Africa in the coming months. The group said they have so far raised about $140 million.
Per Sangudi, smaller companies see opportunities as startups bloom to fill gaps in Africa, which needs more financial and logistical infrastructure.
A Bloomberg report said that Sangudi stated that Alterra wants to invest in telecoms, tech, logistics, healthcare, and consumer services sectors.
She stated that it is the right time to invest to work in Africa as many businesses provide attractive investment opportunities.
Investors focus on power and logistics.
Citing the power challenges in parts of Africa, Sangudi said it is the appropriate time to invest in distributed power solutions as technology continues to boost the continent's digital transformation.
She noted that the fund has attracted investment from prominent institutions like Standard Bank Group, International Finance Corporation, Norfund AS a, and AfricaGrow fund.
Dangote unveils fellowship for young Africans.
In a separate report by Legit.ng, Dangote reiterated his commitment to support the African fellowship programme, an initiative to support and nurture future leaders across the continent.
The programme is now in its 12th year. It seeks to empower young Africans from medium enterprises (SMEs) and non-business entities to help them participate in the Young Global Leaders (YGL) Community, BusinessDay reports.
The Young Global Leaders programme accelerates a dynamic community of exceptional young people worldwide with the vision, courage, and influence to drive positive change.
Dangote Inducts Graduate Trainees
Dangote Industries Limited has reiterated its commitment to provide Nigerians with job opportunities.
According to the group in a statement, its ongoing investments in vital economic areas are to support job creation and ensure that the design of decent jobs is irrevocable.
According to the Punch report, the billionaire stated that the company had changed from being a commodity trading company to manufacturing to support the nation's industrial growth and reposition Nigeria in the industrial landscape of Africa.
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Dangote begins 300,000 massive employment, opens job application portal for graduates
Legit.ng reported that Dangote has announced plans to create 300,000 fresh jobs through his new multibillion naira investment in the sugar sub-sector.
The latest massive job recruitment was announced in a statement by Dangote's corporate communication department.
According to The Punch, the statement quoted the Group's President, Aliko Dangote, as saying that the company was expanding its operations in the sugar sub-sector and providing new funding.
Source: Legit.ng
