Africa’s richest man, Aliko Dangote, has arrived in Angola to formalize his company’s investment in the country’s Lobito Refinery, signaling a major move in the African energy and industrial sectors.
The Nigerian tycoon touched down in Luanda on Tuesday, marking the beginning of a crucial visit to solidify Dangote Industries’ expanding footprint in Angola. This visit comes as part of Dangote’s plan to extend his investment beyond Nigeria and tap into Angola’s growing economic potential.
Dangote was warmly received by Angolan President João Lourenço, who welcomed the Nigerian billionaire with open arms. The two leaders are expected to discuss several key projects, including Dangote’s participation in the construction of the Lobito Refinery, a major energy project in Angola.
“The businessman and his executives aim to formalize their participation in the construction of the Lobito Refinery, along with investments in the Lobito Corridor,” the Angolan Embassy in Nigeria confirmed in a statement. “This also includes the acquisition and operation of oil blocks in Angola’s onshore and offshore areas, as well as the management or acquisition of cement factories in the country.”
Dangote’s visit marks a significant step in the billionaire’s commitment to investing in Angola’s energy and industrial sectors, as well as expanding his business empire beyond the borders of Nigeria. The Lobito Refinery is expected to be a key part of this strategy, as Angola continues to invest heavily in its oil and gas infrastructure to boost its refining capacity.
Dangote’s ambition extends beyond just the Lobito Refinery. His company is looking to take on a broader role in Angola’s energy sector, with plans to acquire and manage oil blocks in both onshore and offshore areas. This move reflects Dangote’s long-standing interest in the African oil industry, where his investments have already made waves in Nigeria.
In addition to energy, Dangote is also eyeing the country’s cement industry, with plans to acquire or manage cement factories. Angola, one of the fastest-growing economies in Africa, presents a promising market for Dangote’s cement business, which already has a significant presence in other African countries.
During his visit, Dangote held working meetings with several key Angolan entities, including Sonangol, Angola’s national oil company, and the National Oil, Gas, and Biofuels Agency (ANPG). These meetings are crucial as they help cement the terms of Dangote’s investments and lay the groundwork for future cooperation between Dangote Industries and Angola’s government.
Dangote’s decision to expand into Angola is no surprise to many who have been watching the Nigerian billionaire’s business moves across the continent. The tycoon has been a vocal proponent of Africa’s economic growth and has expressed his desire to see the continent become more united and self-sufficient in its development.
Speaking during a meeting with Ambassador José Bamóquina Zau to finalize the visit’s agenda, Dangote expressed his enthusiasm about the opportunities in Angola. “I appreciate the attention of His Excellency João Lourenço at this moment when Africa must become increasingly united with its people,” Dangote said. “It’s true that the situation in Angola has changed significantly; we hear good news from friends who visit, which increases my satisfaction and desire to invest.”
Dangote’s remarks highlight the growing optimism about Angola’s economic prospects. The country has made significant strides in recent years, especially in the oil and gas sector, which remains its backbone. With the support of international investors like Dangote, Angola is positioning itself as a key player in the African energy and industrial landscape.
The Lobito Refinery project, in particular, represents a major opportunity for Angola to enhance its refining capacity, reduce its dependence on imported fuel, and create jobs for its growing population. Dangote’s involvement in the project is expected to bring much-needed expertise, capital, and innovation to the venture, boosting Angola’s chances of success.
While Dangote’s investment in Angola is still in its early stages, the tycoon’s reputation and track record of success in Nigeria and across Africa make him an ideal partner for Angola’s economic ambitions. His investments in various sectors, from oil and gas to cement, are already transforming industries in other African nations, and his work in Angola is expected to follow a similar trajectory.
The expansion of Dangote Industries into Angola also underscores the increasing importance of intra-Africa investment. As African economies look to reduce their dependence on foreign aid and boost regional economic integration, local business giants like Dangote are stepping in to fill the gap.
With the Lobito Refinery and other strategic investments on the horizon, Dangote’s influence in Angola is poised to grow, contributing to the country’s economic diversification and strengthening ties between Nigeria and Angola. As Africa’s economic powerhouse, Dangote’s continued investments across the continent serve as a model for other entrepreneurs looking to capitalize on the vast opportunities in Africa.
