Blackstone and Dangote Industries will jointly invest up to $5 billion over the next five years in energy infrastructure projects across Sub-Saharan Africa with a particular emphasis on power, transmission and pipeline projects.
The partnership was announced by Aliko Dangote during his remarks at the US-Africa Leaders’ Summit being hosted by President Barack Obama.
“For too long, inadequate energy infrastructure in Africa has been a major obstacle to the continent as it seeks to fulfil its economic potential,” said Dangote, founder and chief executive of Dangote Industries.
“I am pleased to partner with Blackstone and the Black Rhino team, who have considerable experience successfully developing large-scale infrastructure projects, to address this issue in a socially conscious way.”
Dangote added that the partnership holds out great potential of transformational and inclusive growth critical for fast-paced development that can lift millions out of poverty in Africa.
Stephen Schwarzman, chairman and co-founder of Blackstone welcomed the partnership showering praise to Africa’s esteemed entrepreneur.
“Aliko Dangote is a highly successful entrepreneur and truly innovative leader who has contributed enormously to economic development across the African continent,” he said.
“We have confidence that the critical infrastructure projects that the Dangote team and Black Rhino will jointly pursue will play a meaningful role in the development of economies across Africa.”
Schwarzman noted that he was looking forward to bringing the joint partners’ collective resources and experience together to develop energy solutions for Sub-Saharan Africa.
(READ MORE: US working to power Africa’s electricity goals)
At least 50 African heads of state are attending the event in US capital Washington DC with an exclusion of four African leaders— the presidents of Zimbabwe, Sudan, Eritrea and the Central African Republic.
The summit is the largest event that any US President has held with African heads of state.