LAGOS, Aug 8 – Senior executives from Goldman Sachs visited Dangote Industries Limited’s integrated refinery, petrochemicals and fertiliser complex in Lagos on Friday, as the investment bank assesses opportunities linked to Africa’s largest industrial projects.
The delegation, led by Anthony Gutman, Co-Chief Executive Officer of Goldman Sachs International and Global Co-Head of Investment Banking, toured the 700,000-barrel-per-day Dangote Petroleum Refinery, Dangote Fertiliser and supporting facilities.
“It is extraordinary what Mr. Dangote and the whole organisation have achieved. The ambition, the scale of the project, the quality of the project and the culture of the people is very impressive,” the Goldman Sachs executives said after the visit.
Dangote Industries President and Chief Executive Aliko Dangote said the complex was only the beginning of the group’s expansion plans, which could include new investments and acquisitions beyond 2030.
“No matter how we try to explain what we have built, you cannot fully appreciate it until you see it. But this is only the beginning. We need to look beyond 2030. The next phase of our journey will include new investments and acquisitions as we continue to scale the business,” he said.
Dangote said internal projections supported the group’s target of generating $100 billion in annual revenue by 2030, adding that the modelling was based on conservative assumptions. He also cited strong employee participation in the refinery’s recent private placement as evidence of confidence in its prospects.
The Goldman Sachs delegation included Adib N. Zouein, Co-Head of EMEA Emerging Markets Regional Sales; Ryad Yousuf, Global Head of FICC Sales Strats and Structuring; and Jimi Adesanya, Head of Sub-Saharan Africa Sales, excluding South Africa.
The visit followed a meeting between Dangote and Canadian Prime Minister Mark Carney on strengthening investment and trade ties between Canada and Africa.
Dangote said closer commercial ties could support investment, innovation and industrial development.
“Strategic partnerships between Africa and Canada have immense potential to drive sustainable growth and create value for both regions. There is a strong case for increasing investment, fostering innovation, and building mutually beneficial commercial relationships,” Dangote said.
The Goldman Sachs visit adds to growing international attention around Dangote Industries as the group moves from the development of its flagship Nigerian industrial assets towards a broader expansion strategy. Its next phase is expected to focus on additional investments and acquisitions as the company seeks to increase its scale across Africa and beyond.
