Dangote invests $2.5B in Namibia's energy business
The Dangote group has ramped up infrastructure investments over the past year to fill an African energy supply gap exposed by the Iran war.
Nigerian billionaire Aliko Dangote has committed $2.5 billion to develop a fuel storage facility and regional pipeline network in Namibia, expanding his energy business to serve the continent. This investment comes as the African energy supply gap was exacerbated by the Iran war, which caused fuel prices to soar across the region.
Namibia anticipates the opening of its offshore oil blocks by the end of the decade, and Dangote aims for the pipeline to provide adequate service to southern Africa. Additionally, Dangote recently invested in Kenya's pipeline company to support his upcoming refinery in Lamu, a coastal region. Dangote's push for expansion is driven by strong demand for his Nigerian refinery's IPO on various African stock markets, with future IPOs planned for the cement and fertilizer divisions of his conglomerate.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
