CAIRO, April 9 – The Dangote Group is targeting at least $40 billion in investment over the next five years to fund an ambitious expansion drive spanning refining, fertilizer production and broader industrial operations, marking one of the continent’s largest industrial expansion initiatives.
The conglomerate presented its long-term strategy, Vision 2030: Supercharging Dangote Group for Long-Term Success, to the African Export-Import Bank (Afreximbank) board and executive team on 31 March 2026. The plan is structured in two phases spanning 2025–2028 and 2028–2030.
Under the expansion blueprint, the Dangote Petroleum Refinery will double refining capacity from 650,000 barrels per day to 1.4 million barrels per day. Fertilizer production is set to rise from 3 million tonnes annually to 12 million tonnes, potentially positioning the Group as the world’s largest producer of urea fertilizer.
Beyond energy and fertiliser, Dangote Group intends to grow its cement, rice, and food production operations. The plan also identifies new investments in ports, pipelines, gas, mining, data centres, and power projects, designed to support Africa’s industrialisation and digital transformation.
Achieving these goals will require at least $40 billion in new investments, part of a broader vision to grow the conglomerate’s turnover to $100 billion by 2030. The scale of the plan underscores Dangote’s ambition to cement its role as a driving force in Africa’s industrial landscape.
The refinery and fertiliser expansions sit at the heart of the programme. The refinery upgrade positions Dangote to become one of Africa’s leading energy producers, while the jump in fertiliser production could place it at the top of the global urea market. Complementary growth is planned across cement, rice, and broader food production.
Backing the rollout, Afreximbank underwrote a $2.5 billion facility, part of a $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE. The financing lays the groundwork for scaling operations and reflects the bank’s confidence in Dangote’s continental ambitions.
Aliko Dangote, President and Chief Executive of the group, framed the expansion as a shared mission for the continent. He recalled how Afreximbank supported the refinery project from the outset, when many questioned its feasibility. “We share the same goal: to strengthen local capacity, reduce import dependence, and ensure Africa’s industrial growth is led by Africans,” he said.
George Elombi, President and Chairman of Afreximbank, highlighted the broader economic significance of the partnership. Citing Africa’s production challenges during the COVID-19 pandemic, he said large-scale, locally driven investment is essential. “Our role is to turn ambition into action. By backing Dangote’s expansion, we are enabling industrial growth that benefits the continent,” he said.
