The African Export-Import Bank has pledged support to Dangote Group as the industrial giant targets annual revenues of US$100 billion by 2030 under an ambitious expansion strategy.
The plan, dubbed “Vision 2030: Supercharging Dangote Group for Long Term Success,” was presented to the bank’s board and executive team in late March. It outlines a two-phase growth programme spanning 2025–2028 and 2028–2030, aimed at significantly scaling production capacity and diversifying investments across Africa.
Central to the strategy is a major expansion of the Dangote Petroleum Refinery, with capacity projected to rise from 650,000 barrels per day to 1.4 million barrels per day. The Group also plans to quadruple fertiliser production from 3 million to 12 million tonnes annually, positioning itself as the world’s largest urea producer.
The expansion will extend to cement, rice and food production, alongside new investments in infrastructure, including ports and pipelines, as well as gas, mining, data centres and power generation—sectors viewed as critical to Africa’s industrialisation.
To achieve these goals, Dangote Group estimates it will require at least US$40 billion in new investments over the next five years.
Group President Aliko Dangote said the partnership with Afreximbank goes beyond financing, describing it as a shared vision to drive Africa’s industrial growth and reduce reliance on imports.
Afreximbank President George Elombi expressed confidence in the collaboration, noting that it aligns with the bank’s mandate to support large-scale projects that strengthen Africa’s production capacity.
The event also saw the signing of a US$2.5 billion facility arranged by Afreximbank as part of a broader US$4 billion syndicated loan for the Dangote Petroleum Refinery, underscoring growing financial backing for the Group’s expansion agenda.