The Dangote Group is targeting at least $40 billion in investments to fund a five-year plan to expand its fertilizer and oil refining operations.
The African Export-Import Bank (Afreximbank) confirmed the initiative in a statement on Wednesday.
The initiative comes amid global supply disruptions stemming from the Persian Gulf conflict, underlining the need for local production to reduce Africa’s dependence on imports.
The expansion plan aims to scale up fertilizer output and refine oil production, positioning Nigeria as a regional hub for both energy and crop nutrients.
As part of this effort, Dangote Group signed a $2.5 billion facility underwritten by Afreximbank, forming part of a $4 billion syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE.
What they are saying
Executives from Dangote Group and Afreximbank emphasized that the partnership represents more than financial support—it reflects a shared vision for Africa’s industrial growth.
- “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,” said Aliko Dangote, President and CEO of Dangote Industries Limited.
- “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,” he added.
- Dr. George Elombi, President and Chairman of Afreximbank, said the partnership demonstrates a strong convergence of purpose to free Africa from dependency and ensure the continent’s resources are used to benefit its people.
- He added that “even when financing was available, we could not access essential items.”
More Insights
The statement added that Dangote Group’s Vision 2030: Supercharging Dangote Group for Long-Term Success outlines a two-phase program spanning 2025–2030, with plans to scale existing operations and explore new sectors. Key initiatives include:
- Increasing Dangote Petroleum Refinery’s capacity from 650,000 barrels per day (bpd) to 1.4 million bpd.
- Quadrupling fertilizer production from 3 million tonnes per annum to 12 million tonnes, making the Group the world’s largest urea fertilizer producer.
- Expanding other business lines, including cement, rice, and food production, and exploring investments in infrastructure (ports and pipelines), gas, mining, power, and data centres.
What you should know
The partnership between Dangote Group and Afreximbank was formalized through the $2.5 billion facility, part of a larger $4 billion syndicated term loan for refinery and petrochemical projects.
The arrangement signals strong confidence in the Group’s long-term growth strategy and Africa’s industrial potential.
- Dangote Group aims to grow its turnover to $100 billion by 2030, reflecting the scale of its expansion plans.
- The investment is expected to enhance Africa’s energy security, fertilizer self-sufficiency, and overall industrial transformation.
