Dangote Group Targets $100B Revenue by 2030 with Afreximbank Support
African Export-Import Bank (Afreximbank) has reaffirmed its strategic partnership with Dangote Group, supporting the company’s ambitious plan to expand its operations and grow annual turnover to US$100 billion by 2030.
The Group recently unveiled its long-term roadmap, “Vision 2030: Supercharging Dangote Group for Long Term Success,” to Afreximbank’s Board of Directors and executive leadership on 31 March 2026. The strategy outlines a two-phase expansion programme covering 2025–2028 and 2028–2030.
At the core of the plan is a major scale-up of existing operations. This includes increasing the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd, alongside a fourfold expansion in fertiliser production—from 3 million to 12 million tonnes annually—positioning the Group to become the world’s largest producer of urea fertiliser.
Beyond refining and fertiliser, the strategy targets accelerated growth across cement, rice, and broader food production. It also identifies new investment areas such as infrastructure (including ports and pipelines), gas, mining, data centres to support Africa’s digital transformation, and power generation—seen as a critical driver of industrialisation across the continent.
To execute this ambitious plan, Dangote Group estimates it will require at least US$40 billion in new investments over the next five years.
Commenting on the partnership, Aliko Dangote, President and CEO of Dangote Industries Limited, described Afreximbank as a long-standing and trusted partner. He highlighted the Bank’s early support for the refinery project—then the largest of its kind in Africa—as a key factor in bringing the vision to life, noting that both institutions share a common goal of strengthening local capacity and driving African-led industrial growth.
George Elombi, President and Chairman of the Board of Directors of Afreximbank, emphasized the alignment between both organisations in advancing Africa’s economic independence. He noted that the partnership reflects a shared commitment to ensuring the continent’s resources are harnessed for the benefit of its people, especially in a global environment marked by rising fragmentation and protectionism.
He also pointed to lessons from the COVID-19 pandemic, when Africa faced challenges accessing essential goods due to limited production capacity, underscoring the urgency of building strong domestic industries.
Reaffirming the Bank’s commitment, Dr. Elombi stated that Afreximbank remains ready to support Dangote Group’s ambitions, stressing its role in translating bold visions into tangible outcomes.
The engagement also culminated in the signing of a US$2.5 billion facility arranged by Afreximbank as part of a broader US$4 billion senior syndicated term loan to support Dangote Petroleum Refinery and Petrochemicals FZE.
