Africa’s richest person, Aliko Dangote, has projected that Dangote Group is on track to generate $30 billion in total revenue next year, despite concerns over potential global trade disruptions caused by U.S. President Donald Trump’s tariffs.
The billionaire disclosed during a venture capital conference in Lagos on Thursday that his vast conglomerate, which includes a 650,000 barrels-a-day oil refinery in Lagos, is projected to add $5 billion in revenue in 2026, bringing total earnings to $30 billion, up from $25 billion in 2025.
While many global companies are grappling with the effects of Trump’s aggressive tariff policies, Dangote Petroleum Refinery has remained unaffected, as the U.S. excluded oil and gas exports from its tariff adjustments.
Impact of U.S. Tariffs and Nigeria’s Trade Landscape
Additionally, Dangote Fertilizer, which exports urea to the U.S., stands to benefit from a 16% difference in levies between Nigeria and its competitor Algeria.
“I was worried about the U.S. tariff because 37% of our urea goes to the U.S.,” Dangote admitted.
“Luckily for us, Algeria was slapped with 30% tariffs.”
Cement Expansion: Aiming for Africa’s Top Spot
Dangote also shared his ambitious plan to become the leading cement exporter in Africa by 2026, surpassing Egypt.
“We are at about 53 million tons in production capacity today,” he stated. “By next year, we will be at 62 million tons of cement. We will be number one.”
As Dangote Industries expands its reach across multiple sectors, its total asset valuation has climbed to $27.5 billion, according to the Bloomberg Billionaires Index.
Nigeria’s Trade Vulnerabilities and AGOA Concerns
Despite Dangote’s growth projections, Nigeria faces heightened trade risks as potential shifts in U.S. trade policies could impact its access to American markets.
A recent report by Strategy& (the strategy consulting arm of PwC) highlights Nigeria’s economic vulnerability, particularly under the African Growth and Opportunity Act (AGOA), a trade program that allows duty-free exports from eligible sub-Saharan African nations to the U.S.
The report, titled ‘Global Economic Policy Changes and Implications for Nigeria’, warns that modifications to AGOA or broader tariff policies under the Trump administration could restrict Nigeria’s export capabilities.
What you should know
If AGOA benefits are not renewed, Nigeria may lose key trade privileges, severely impacting its exports of crude oil, agricultural products, and manufactured goods, according to the PwC report.
- Nigeria has historically been a major beneficiary of AGOA, exporting $1.76 billion worth of goods to the United States in 2024, making it the second-largest AGOA exporter after South Africa.
- The removal of AGOA benefits could drastically reduce Nigeria’s competitiveness in the U.S. market, leading to a decline in export volumes and foreign exchange earnings.
As Dangote Industries pursues record-breaking revenue, Nigeria’s economic policymakers are closely monitoring global trade shifts to preserve market access and sustain economic growth.
