Dangote looking to invest $7.5 billion in massive expansion

“We are not selling. If it was to raise money, we would have sold the whole business to them. But no. What we are trying to do is actually to have them so that we can now enjoy the downstream of the business,” he said.

Nigeria’s population of more than 160 million is a massive potential retail market, although corruption and the government’s focus on oil exports still deter many investors.

Dangote said he hoped to list his US$11 billion cement company on the London stock exchange by the third quarter of 2013. Dangote Cement trades on the Nigerian stock exchange and is West Africa’s largest listed company.

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