The Dangote Group has unveiled one of the most ambitious corporate expansion strategies ever presented on African soil, targeting annual revenue of $100 billion by 2030 as it deepens a long-running financing partnership with the African Export-Import Bank (Afreximbank).
The group’s leadership presented the strategy, titled “Vision 2030: Supercharging Dangote Group for Long Term Success,” to the Afreximbank Board of Directors and its executive team on March 31, 2026. The plan outlines a two-phase expansion programme running from 2025 to 2028 and from 2028 to 2030.
Among the headline targets, the group plans to more than double the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels per day, and to quadruple fertiliser output from 3 million to 12 million tonnes annually, a scale that would position it as the world’s largest producer of urea fertiliser. Expansion across cement, rice and broader food production also forms part of the programme.
To fund the push, the Dangote Group estimates it will need at least $40 billion in new investments over the next five years.
A $15 Billion Relationship
Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, said the bank has invested approximately $15 billion in the Dangote Group since 2015, describing it as a commitment grounded in the belief that investing in African enterprises builds a secure and resilient future for the continent.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, framed the relationship in similar terms. “Our partnership with Afreximbank is more than financial support; it is about a shared dream for the continent. When we set out to build a 650,000 barrel-per-day refinery, the Bank believed in our vision when others were sceptical,” he said.
The signing of a $2.5 billion facility underwritten by Afreximbank, as part of a broader $4 billion syndicated term loan for the Dangote Petroleum Refinery and Petrochemicals Free Zone Enterprise (FZE), took place during the same strategy session in Cairo, Egypt. Afreximbank and Access Bank were appointed co-mandated lead arrangers for the five-year facility.
Beyond Energy
The expansion plan extends into ports, pipelines, gas, mining, power generation and data centres, sectors the group views as critical to removing the infrastructure bottlenecks that have long constrained African economic activity.
Dr. Elombi said the partnership reflects a shared purpose to reduce the continent’s import dependency. “The Dangote Refinery stands as a bold symbol of what African ambition, African capital and African execution can achieve at scale,” he said.
Currently valued at over $30 billion, the Dangote Group holds interests across cement, sugar, salt, fertiliser and the Dangote Refinery, the largest single-train refinery in the world. Whether the group can convert that base into a $100 billion enterprise within five years will depend heavily on execution, financing conditions and the stability of global commodity markets.
