(Ecofin Agency) - Africa’s richest man, Aliko Dangote, said he plans to invest between $20 billion and $50 billion in US and Europe, by 2025, mainly in renewable energies and petrochemicals. In this framework, the Nigerian tycoon is set to begin his activities on both continents in 2020.

“Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance. Dangote Group will consider investments in Asia and Mexico, but will focus mainly on the U.S. and Europe,” Dangote said. “I think renewables is the way to go forward, and the future. We are looking at petrochemicals but can also invest in other companies,” he added.

Over the past five years, the Dangote Group rapidly diversified both across various geographical locations and economic sectors. Dangote Cement Plc which totals 80% of the African billionaire’s assets who is currently worth more than $11.6 billion, according to Bloomberg’s Billionaires Index, is now present in 10 African countries including Nigeria. In 2015, the group started building an oil refinery valued at $11 billion and able to produce 650,000 barrels per day near Lagos, Nigeria’s economic hub.

Backed by American capital-investment firms Carlyle Group LP and Blackstone Group LP, the Nigerian conglomerate continued its expansion, building many gas pipelines in Lagos. In July this year, it announced it would invest $4.6 billion in agro-food over the next three years, with a focus on sugar, rice and dairy production.

Fiacre E. Kakpo