Mohammed Dewji: Why Africa’s Youngest Billionaire is Investing $100 Million in 4 Rwandan Firms

Tanzanian billionaire Mohammed Dewji, known as Tanzania’s wealthiest man and the continent’s youngest billionaire, has announced an ambitious plan to invest $100 million in four prominent Rwandan companies through his Dar es Salaam-based conglomerate, MeTL Group.

This announcement was made during a recent meeting in Dar es Salaam, where the 48-year-old billionaire discussed potential investment opportunities in Rwanda with high-ranking officials such as Ildephonse Musafiri, the minister of agriculture and animal resources, and Nelly Mukazayire, the deputy chief executive of the Rwanda Development Board (RDB). This reflects increased interest in Rwanda’s rapidly expanding economy, which is regarded as one of Africa’s fastest growing.

MeTL Group aims to invest $100 million in four Rwandan companies specializing in the manufacture of edible oil, soap, wheat and maize milling, carbonated beverages, plastic bottle recycling, agriculture, and fuel storage, among other important sectors, according to the meeting’s outcome.

Mohammed Dewji, whose net worth is $1.5 billion according to Forbes, expressed his commitment to growing his conglomerate’s footprint in Rwanda, highlighting the prospects presented by Rwanda’s economy and emphasizing the need for further collaboration. MeTL Group now has operations in eleven African nations.

Dewji, who received the Industrialist of the Year Award in June, expressed gratitude to Rwanda’s institutions, saying, “As a businessman, I’m grateful for the support and facilities Rwanda’s institutions have offered.”

The visionary behind the MeTL Group, a Tanzanian conglomerate that encompasses over 150 diverse products such as flour, beverages, carpets, edible oils, and matchsticks, has transformed his youthful entrepreneurial spirit into a multibillion-dollar empire spanning several African nations such as Tanzania, Kenya, and Mozambique.

In an interview with CNN’s Connecting Africa anchor Eleni Giokos earlier this year, Dewji revealed that many beverages and consumer goods produced by MeTL Group’s units are poised to compete with global giants such as Unilever, Proctor & Gamble, Pepsi, and Coca-Cola.

Dewji cited the amazing success of their top-selling product, Mo Extra, a carbonated soft drink that is expected to sell over a billion bottles by 2022.

The ambitious billionaire proclaimed firmly his desire to challenge big beverage corporations and establish his business supremacy, stating: “I am setting up factories everywhere where Pepsi and Coca-Cola are, and I am hoping that the 1 billion bottles can reach 3 to 4 billion bottles in the next 24 to 36 months.”

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