To branch into mining and petrochemicalsArticle | May 10, 2012 – 12:19pm | By Eki Toju

Billionaire Aliko Dangote, has announced that his conglomerate will spend $7.5 billion in the next four years to expand operations in a range of sectors. He said this earlier today at the World Economic Forum.

“We are going into something big. We are going into mining, petrochemicals, cement and infrastructure. We need to spend $7.5 billion in the next four years, so definitely we need a lot of concentration,” he said on the sidelines of the World Economic Forum in Addis Ababa.

Dangote said this changing focus was one of the reasons he was looking for a partnership for his flour business, Dangote Flour Mills, with Tiger Brands, South Africa’s biggest consumer foods maker.

“We are actually trying to have a partnership between us and Tiger Brands,” he said. “We believe they are much better than us in terms of the retail business.”

Dangote who had earlier in the year, said his company plans to sell 80 percent of the food business, is looking to go into new sectors in the Nigeria economy. He has stated his interest in the oil and gas, electricity generation and chemical industries.

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