The Dangote refinery is supplying fuel to several African countries amid the Middle East disruptions, signifying the importance of the Dangote Group to Africa’s economy.
By Blue Africa News
Nigerian conglomerate Dangote Group is advancing an ambitious expansion strategy aimed at boosting its turnover to $100 billion by 2030, with support from the African Export-Import Bank (Afreximbank).
The group’s leadership, led by Aliko Dangote, presented its long-term growth strategy christened “Vision 2030: Supercharging Dangote Group for Long Term Success” to the Afreximbank Board of Directors and its executive team on March 31, 2026.
The strategy, outlining a two‑phase expansion program spanning 2025–2028 and 2028–2030 convinced the powers at be at Afreximbank, leading to the signing of an agreement for US$2.5-billion facility underwritten by the continental bank as part of a US$4-billion senior syndicated term loan in favour of Dangote petroleum refinery and petrochemicals free zone enterprises (FZE).
George Elombi, President and Chairman of the Board of Directors of Afreximbank said that the bank’s engagement with Dangote Group demonstrates a strong convergence of purpose to free Africa from dependency and to ensure the continent’s resources are used to the benefit of its people.
The collaboration, he noted, would lead to a formidable bond of partnership to make large-scale investments that will accelerate the changes we desire.
“This is the very purpose for which our institution was created. As is deeply rooted in our DNA, we do not only listen, we execute and convert aspiration into action,” he said, flashing back to the COVID 19 pandemic when Africa struggled to secure even basic protective materials such as masks due to limited production capacity.
In welcoming the collaboration, Dangote said the partnership with Afreximbank is more than financial support, terming it a shared dream for the continent.
“When we set out to build a 650,000 barrel-per-day refinery, the largest of its kind in Africa, the bank believed in our vision when others were skeptical,” said Africa’s richest person.
“Without their leadership and trust, the development of the African continent would not be where it is today. We are joined at the hip with the bank because we share the same mission: to drive local capacity, eliminate our dependence on imports, and ensure Africa’s industrial growth is led by Africans.”
During a recent engagement with Afreximbank, Dangote Group outlined plans to scale and optimise its existing platforms and expand capacity across all active sectors, with key initiatives including increasing the capacity of the Dangote petroleum refinery from 650,000 barrels per day (bpd) to 1.4 million bpd.
In addition, the Group seeks to increase four-fold its fertiliser production from 3 million tonnes per annum to 12 million tonnes per year, propelling it to the world’s largest producer of urea fertiliser.
Other business lines include cement, rice, and broader food production as investment opportunities in infrastructure among them ports, pipelines, gas and mining continue to take centre-stage.
Dangote Group estimates that it will require at least $40 billion in new investments, to realise its continental growth ambitions.
During a recent interview with BBC, Dangote said production of fuel and fertiliser is being ramped up to support countries affected by ongoing supply disruptions, occasioned by the ongoing war in the Middle East.
The Dangote refinery is actively supplying fuel to several African countries, including Côte d’Ivoire, Cameroon, Tanzania, Ghana and Togo amid the Middle East disruptions, signifying the importance of the Dangote Group to Africa’s economy as expansion projects continue.
In November 2025, Dangote signed a landmark US$1 billion investment agreement with Zimbabwe, marking one of the most significant private-sector investments in the country in recent years.
The agreement spans mining, cement production, coal, petroleum, fertilizer, and power generation, to be delivered by Dangote Industries Limited Group, one of Africa’s largest industrial companies.
Construction of a 2000-kilometre pipeline, stretching from Walvis Bay in Namibia, through Botswana and to Bulawayo in Zimbabwe is also part of the project.
Oliver Ochieng, Blue Africa News