Lagos, Nigeria — Aliko Dangote, Africa’s richest man and president of Dangote Industries, arrived in Luanda this week for a high-level visit aimed at exploring significant investment opportunities in Angola. Known for his extensive ventures in the oil and cement industries, Dangote’s trip signals a potential boost to Angola’s economic diversification efforts.
One of the key items on Dangote’s agenda is the potential participation in the construction of the Lobito Refinery, a pivotal project within the Lobito Corridor initiative. The refinery is designed to process up to 200,000 barrels of crude oil per day, representing a substantial investment that could significantly enhance Angola’s refining capacity and reduce its dependence on imported petroleum products.
Dangote is also reportedly interested in acquiring and operating both onshore and offshore oil blocks in Angola. Such investments could inject capital into the country’s oil sector, fostering increased production and technological advancement.
In addition to oil, Dangote is exploring opportunities in Angola’s cement industry. With domestic demand for cement growing steadily, his potential investment—estimated by industry analysts to be around $500 million—could bolster local production, meet rising infrastructure needs, and create jobs.
During his visit, Dangote is scheduled to meet with President João Lourenço and engage in discussions with key government ministers, officials from Sonangol (the state oil company), the National Agency for Petroleum, Gas, and Biofuels (ANPG), and leaders of public institutions. These meetings aim to align Dangote Industries’ investment plans with Angola’s strategic economic objectives.
As a first step toward solidifying his investment intentions, Dangote plans to establish a subsidiary of Dangote Industries in Angola. This move would facilitate the execution of projects across multiple sectors and strengthen economic ties between Angola and Nigeria.
In a recent meeting with Angola’s ambassador to Nigeria, José Bamóquina Zau, Dangote expressed optimism about the evolving business environment in Angola.
“I appreciate President João Lourenço’s attention during this time when Africa must become increasingly united through its people,” Dangote said. “It’s true that the situation in Angola has changed significantly. We have good news from friends who have been there, and this increases my satisfaction and willingness to invest.”
Ambassador Zau highlighted the new legal frameworks and incentives for foreign investors, positioning Angola as a preferred destination for diverse investments. He also assured Dangote of expedited visa processes for him and his team to accelerate the implementation of their business interests.
Dangote’s investments have the potential to diversify Angola’s economy beyond oil exports, create thousands of jobs, and foster intra-African collaboration in key industries. His involvement could also attract additional international investors, further establishing Angola as a regional hub for industrial development.
The visit marks a significant step in strengthening bilateral relations between Angola and Nigeria, two of Africa’s largest economies. Enhanced cooperation could lead to shared growth opportunities and set a precedent for future partnerships on the continent.
Aliko Dangote is the founder and chairman of Dangote Group, a multinational conglomerate with interests in cement, sugar, flour, salt, and petroleum. With a net worth estimated at over $11 billion, he has been a driving force in Africa’s economic landscape, championing industrialization and self-sufficiency.
