CAIRO/Egypt: African Export-Import Bank (Afreximbank) has thrown its weight behind the Dangote Group’s ambitious plan to scale its operations and hit a $100 billion turnover by 2030, reinforcing one of the continent’s most strategic industrial partnerships.
At a high-level engagement in Cairo, the Dangote Group presented its long-term roadmap, titled “Vision 2030: Supercharging Dangote Group for Long Term Success,” to the Afreximbank Board and executive management. The plan outlines a phased expansion strategy spanning 2025–2028 and 2028–2030, aimed at deepening industrial capacity across Africa.
Central to the strategy is a massive scale-up of the Dangote Petroleum Refinery, with plans to increase refining capacity from 650,000 barrels per day to 1.4 million barrels per day. The Group also unveiled plans to expand its fertiliser production from 3 million tonnes annually to 12 million tonnes, a move that could position it as the world’s largest urea producer.
The expansion drive extends across Dangote’s core businesses, including cement, rice, and food production, while also opening new frontiers in infrastructure development, gas, mining, power generation, and data centres—sectors considered critical to Africa’s industrialisation and digital transformation.
To deliver on this vision, the Group estimates it will require at least $40 billion in new investments over the next five years.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, described Afreximbank as a longstanding partner whose support has been instrumental in driving Africa’s industrial growth.
“Our partnership with Afreximbank is more than financial support; it is about a shared dream for the continent,” Dangote said. “When we embarked on building the 650,000 barrels-per-day refinery—the largest in Africa—the Bank believed in our vision when others were sceptical. We share a common mission to build local capacity, reduce import dependence, and ensure Africa’s growth is driven by Africans.”
On his part, President and Chairman of the Board of Directors of Afreximbank, Dr. George Elombi, said the collaboration reflects a shared commitment to unlocking Africa’s economic potential and reducing external dependency.
He noted that recent global disruptions, including the COVID-19 pandemic, exposed the continent’s vulnerability due to limited domestic production capacity, recalling how Africa struggled to access basic protective materials despite available financing.
“We must ensure that Africa’s resources are harnessed for the benefit of its people,” Elombi said, expressing confidence that the partnership would catalyse large-scale investments capable of accelerating the continent’s industrial transformation.
He reaffirmed the bank’s readiness to support Dangote Group’s expansion drive, stressing that Afreximbank’s mandate is rooted in translating bold visions into tangible outcomes.
“As is deeply embedded in our DNA, we do not just listen—we execute and convert aspiration into action,” he added.
In a major highlight of the engagement, Afreximbank also signed a $2.5 billion facility as part of a $4 billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE, further strengthening the financial backbone of the Group’s expansion agenda.
The deal underscores growing confidence in Dangote Group’s capacity to drive large-scale industrialisation and positions the partnership as a key force in shaping Africa’s economic future.
