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Dangote Increases Africa Investment Pledge
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Dangote Increases Africa Investment Pledge

Source: Bloomberg·Edited by Editor TO·

Aliko Dangote has increased his planned investment in African industrial development to $60 billion by the end of the decade, up from an earlier $50 billion target, as his group expands its fuel infrastructure across the continent. The latest project is a tank farm near Walvis Bay, Namibia, forming part of a $2.5 billion plan that also includes a 1,700-kilometer pipeline through Botswana and South Africa. The storage facility is expected to be completed within 18 months and will provide capacity for about four million barrels of fuel. Dangote said the wider network is intended to improve access to petroleum products, particularly in landlocked countries, while lowering costs and strengthening regional energy security. With this development, Dangote’s announced infrastructure projects across the continent now exceed $35 billion, including plans to build a refinery in Kenya.