billionaire Dangote to invest 7 billion dollars in power!

This just in, Africa's richest man Dangote  Will invest $7 billion in power in most populous country in Africa Nigeriawhat does this mean constant electricity power, sounds pretty good doesn't it well it's going to become a reality according to Ventura Africa!

VENTURES AFRICA –  CEO Dangote Group of Companies, Alhaji Aliko Dangote plans to invest $7 billion in power, petrochemical and mining sectors of the economy within the next four years.

The billionaire businessman said he will be contributing $2.5 billion to these projects while $4.5 billion will be borrowed from reputable international lenders such the International Finance Corporation (IFC).

He disclosed these at a send-off for the IFC Vice-President, Sub-Saharan Africa, Latin America and Caribbean and Western Europe, Mr Thierry Tanoh, in Lagos.

Dangote explained that the funds will be deployed in generating 2,000 megawatts of electricity.

”We want we want to do power, that will be about 2,000 megawatts that is infrastructure. We will be investing in petrochemical, which has to do with fertiliser and so on. We will do mining. These three things in the next three years, will be gulp $7 billion. We will put down our equity of about $2.5 billion and borrow $4.5 billion dollars,” he said.

Dangote  lauded the IFC for committing substantial funds to the Group’s businesses at a time when there was little or no credit  given to African companies.  He also pointed out the increase in the total loan portfolio in Africa from $150 million in 2006 to $2 billion.