Aliko Dangote, Africa’s richest man, is looking to invest in Malawi, a small, impoverished, landlocked country in Southern Africa.
Malawi’s Minister of Industry and Trade, Joseph Mwanamvekha, told Journalists in Lilongwe on Wednesday that the Nigerian billionaire who has investments in cement, sugar and flour, will be visiting Lilongwe, the country’s capital, towards the end of June to hold private talks with President Peter Mutharika to discuss avenues for a potential investment.
According to Malawian newspaper, Nyasa Times, Dangote will also attend the first ever Malawi Investment Forum scheduled for the 29th to 30th June in Lilongwe.
“His visit to Malawi will inspire both private and public sector on how he has succeeded in his businesses,” Mwanamvekha said.
Business magnate man Aliko Dangote, ranked by Forbes Magazine as the richest man in Africa, speaks during a send off ceremony for 250 Nigerian health workers on a mission to fight Ebola virus in affected West African countries and the launch of African initiative operating under the hash tag #AfricaAgainstEbola in Lagos, on December 3, 2014. Two hundred and fifty volunteer Nigerian medical corps under the auspices of the African Union Support to Ebola Outbreak in West Africa (ASEOWA) were given a send off to fight Ebola Virus Diseases in the affected three West African countries of Liberia, Sierra Leone and Guinea. The African Union, which is collaborating with the private sector to raise funds to support and strengthen the Unions response to the crises, is sending more than 1000 health workers before Christmas
According to the World Bank, Malawi is one of the poorest countries in the world – with 2.26 Gross Domestic Product per capital (GDP). More than half of Malawi’s population still live below the poverty line – earning less than $1 per day. The country depends largely on aid from foreign donors and earnings from its Tobacco exports.
Dangote is aggressively expanding his business empire across several African countries. He recently launched a $500 million cement plant in Ethiopia, and is building other plants in Kenya, Niger and Congo, among other places. If he invests in Malawi, it would be his third investment in the South African region. He already has a substantial stake in South African cement manufacturer Sephaku Cement and he is building a cement plant in Zambia.
Dangote, 58, is worth $17.8 billion according to FORBES’ real time wealth estimates.