Afreximbank supports Dangote Group as it targets US$100bn annual revenue by 2030

• Commits to over $40 billion in new investment

African Export-Import Bank (Afreximbank) on Wednesday announced that it is supporting Dangote Group, as it seeks to expand its operations and grow its turnover to US$100 billion by 2030.

The Group’s leadership presented its long-term growth strategy “Vision 2030: Supercharging Dangote Group for Long Term Success” to the Afreximbank Board of Directors and its executive team on Tuesday, 31 March 2026.

The strategy outlines a two-phase expansion programme spanning 2025– 2028 and 2028–2030. During the presentation, Dangote Group out- lined plans to scale and optimise its existing platforms and expand capacity across all active sectors. Key initiatives include increasing the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd.

Additionally, the Group intends to quadruple its Fertiliser production from 3 million tonnes per annum to 12 million tonnes per annum, a move that would position the Group as the world’s largest producer of urea fertiliser.

The expansion strategy encompasses rapid growth across other business lines, including cement, rice, and broader food production. Beyond its current portfolio, the Group identified new investment opportunities in infrastructure — including ports and pipelines — as well as gas, mining (as a gateway for semi-processed and value-added mineral exports), data centres to support Africa’s digital transformation and enterprise resilience, and power, described as the engine of Africa’s industrial transformation.

To drive the growth over the five years, the Dangote Group predicts that it will require at least $40 billion in new investments to realise its continental ambitions.

Recognising the strategic value of the partnership with Afreximbank, Mr. Aliko Dangote, President/Chief Executive, Dangote Industries Limited said: “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 largest of its kind in Africa—the Bank believed in our vision when others were sceptical. 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.”