Public Investment Corp., which this week bought a $289.3 million share in Nigeria’s Dangote Cement, has as much as $7 billion to invest in Africa and is targeting up to 20 listed stocks, according to a report in Bloomberg Business Week.
Africa’s largest asset manager, PIC will consider investing in more companies linked to Aliko Dangote, Africa’s richest man and one of the Forbes list’s 25 richest in the world, as it seeks to tap industries benefiting from economic growth, the report says.
Dangote’s sugar, flour, oil refinery and port operations are in the running, according to Fidelis Madavo, head of resources at Pretoria-based PIC, who was quoted in Bloomberg Business Week.
Other industries related to consumer, infrastructure, telecommunications and agribusiness are being considered, he said.
“I’d like to see if the PIC will look into other blue chip companies outside of Dangote in our economy,” said Lanre Buluro, head of research at Primera Africa Securities Ltd. in Lagos. “That would be positive for our market.”
Nigeria’s economy, Africa’s second-largest after South Africa, is expected to grow 7.2 percent this year, according to the International Monetary Fund. By comparison, 5.6 percent growth is projected for sub-Saharan Africa.