Business
Aliko Dangote to invest in Cameroon’s oil market amid revenue decline
Cameroon is the next stop for Nigerian billionaire, Aliko Dangote, as he furthers plan to situate a oil and gas business with the Central African country.
Oil is the major revenue source for Cameroon just like Nigeria since it was discovered in 1977. It accounts for nearly 40 percent of export commodities, even though its projected to drop by 11.1 percent between 2021 and 2022
But regardless of the forecast, Dangote wants to make a play for Cameroon’s oil operation, in a bid to improve his company’s revenue stream from the country, which is currently dominated by cement sales.
He met with President Paul Biya, according to Bloomberg on Thursday. Following the meeting, the business mogul said, “Years ago, we established [a cement subsidiary] in Cameroon, and we have plans to expand our investments to other sectors beginning with oil and gas.”
Read also: Aliko Dangote loses $1.4bn in three months
He added that, “This audience also allowed me to thank the President, who showed us that he was on investors’ side. This encourages us to invest more in Cameroon.”
Dangote didn’t give much details about how he plans to enter Cameroon’s oil and gas market or the capital budgeted for the expansion, but in Nigeria, about $10 billion was pumped into his refinery project.
Dangote Refinery, which is the largest private refinery on the continent, is scheduled to begin operation next year, two years behind initial completion timeframe. It will produce 200,000 barrels per day.
By Fakoyejo Ayodeji…
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...