Africa’s push for industrial self-sufficiency is gaining momentum as the African Export-Import Bank deepens its support for the Dangote Group, which is targeting a dramatic expansion of its operations and a turnover of $100 billion by 2030.
The plan, unveiled under the strategy titled “Vision 2030: Supercharging Dangote Group for Long Term Success,” sets out an aggressive two-phase growth programme running from 2025 to 2030, anchored on scaling existing operations and entering new strategic sectors.
Scaling Core Industries
At the heart of the expansion is a major boost in industrial capacity. The group plans to more than double the output of the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels, further cementing its position as a key player in Africa’s energy landscape.
In agriculture, the company is aiming to quadruple fertiliser production from 3 million to 12 million tonnes annually—an expansion that could position it as the world’s largest producer of urea fertiliser and significantly strengthen food security across the continent.
Growth is also expected across cement, rice and broader food production, reinforcing Dangote’s role in building Africa’s manufacturing base.
New Frontiers in Infrastructure and Energy
Beyond its traditional sectors, the group is charting new territory in infrastructure and high-growth industries. Planned investments include ports, pipelines, gas, mining, power generation and data centres areas seen as critical to unlocking Africa’s industrial potential.
These investments are designed not only to expand the group’s footprint but also to address structural bottlenecks that have long constrained economic growth, including unreliable power supply and weak logistics networks.
To fund the ambitious programme, Dangote estimates it will require at least $40 billion in new investments over the next five years.
Strategic Financing Partnership
A key pillar of this expansion is the continued backing of Afreximbank, which has positioned itself as a long-term partner in financing Africa’s industrialisation.
As part of the latest support, the bank underwrote a $2.5 billion facility within a broader $4 billion syndicated loan for Dangote’s refinery operations, one of the largest financing deals in Africa’s energy sector.
Aliko Dangote, President and Chief Executive of the group, underscored the importance of the partnership, describing it as central to the company’s growth journey.
“Our partnership with Afreximbank is more than financial support; it is about a shared dream for the continent,” he said.
“When we set out to build a 650,000 barrel-per-day refinery…the Bank believed in our vision when others were sceptical.”
He added that the collaboration reflects a common goal of reducing Africa’s dependence on imports and building strong local industries.
Driving Continental Transformation
For Afreximbank, the partnership aligns with its broader mandate of promoting intra-African trade and industrial development.
Dr. George Elombi, President and Chairman of the Board of Directors of the bank, said the engagement reflects a shared commitment to reposition Africa’s economies.
“We are seeing a strong convergence of purpose to free Africa from dependency and ensure the continent’s resources benefit its people,” he said.
He pointed to lessons from the COVID-19 pandemic, when African countries struggled to access basic medical supplies despite having financing, highlighting the urgency of building domestic production capacity.
“This is the very purpose for which our institution was created…we do not only listen—we execute and convert aspiration into action,” he added.
Outlook: Industrialisation at Scale
The Dangote-Afreximbank partnership signals a broader shift toward large-scale, African-led industrialisation at a time of increasing global fragmentation and protectionism.
If executed successfully, the expansion could reshape key sectors from energy and agriculture to infrastructure and digital services while strengthening Africa’s capacity to produce, process and trade within its own borders.
For the continent, the stakes are high. The success of such large industrial bets could determine how quickly Africa moves from resource dependence to value-added production and whether it can compete effectively in an increasingly competitive global economy.
