Aliko Dangote targets $15 billion investment in Egypt

Nigerian billionaire Aliko Dangote, founder and chairman of the Dangote Group, intends to invest between $10 billion and $15 billion in Egypt. The announcement was made during an event hosted by the Egyptian Exchange to explore industrial expansion and strengthen the group's presence in the Egyptian market.

Discussions are currently underway with the Egyptian Ministry of Investment to identify opportunities, specifically focusing on the petrochemicals and cement sectors. These plans follow a meeting between Dangote and Egyptian President Abdel Fattah El-Sisi on October 3, where they discussed cooperation in energy, fertilizers, chemicals, and cement.

The Egyptian presidency has expressed readiness to provide necessary facilities for the group's investments. This move aligns with the Dangote Group's broader strategy to expand manufacturing across Africa and convert natural resources into value-added products to support local production and reduce import dependency. The group aims for total investments of $50 billion by 2030.