By Ayomide Otitoju
The African Export-Import Bank (Afreximbank) has announced its support for Dangote Group as the conglomerate seeks to expand operations and achieve a turnover of US$100 billion by 2030.
Dangote Group presented its long-term growth blueprint, “Vision 2030: Supercharging Dangote Group for Long-Term Success,” to Afreximbank’s Board of Directors and executive team on Tuesday, 31 March 2026. The strategy outlines a two-phase expansion plan spanning 2025–2028 and 2028–2030.
Key initiatives include scaling the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd and quadrupling fertiliser production from 3 million tonnes per annum to 12 million tonnes per annum, potentially making the Group the world’s largest urea fertiliser producer. Expansion is also planned across cement, rice, food production, and new sectors such as infrastructure, gas, mining, data centres, and power. The Group estimates that at least US$40 billion in new investments will be needed to achieve these continental ambitions.
Dangote Group President and CEO, Mr. Aliko Dangote, said the partnership with Afreximbank goes beyond financing: “When we set out to build Africa’s largest refinery, the Bank believed in our vision when others were sceptical. Our shared mission is to drive local capacity, reduce imports, and ensure Africa’s industrial growth is led by Africans.”
Dr. George Elombi, President and Chairman of Afreximbank, noted that the collaboration reflects a common purpose to reduce Africa’s dependency and harness the continent’s resources for local benefit. He emphasized that the partnership will enable large-scale investments crucial for industrial transformation amid global fragmentation and protectionism.
Dr. Elombi recalled the COVID-19 pandemic, when Africa struggled to access essential supplies due to limited local production, highlighting the need for homegrown industrial capacity. He pledged Afreximbank’s commitment to supporting Dangote Group’s ambitions, saying, “We do not only listen—we execute and convert aspiration into action.”
The announcement coincided with the signing of a US$2.5-billion facility, part of a US$4-billion senior syndicated term loan underwritten by Afreximbank, in support of Dangote Petroleum Refinery and Petrochemicals FZE.
