Afreximbank backs Dangote Group’s $100 billion revenue target by 2030

Africa, Business

CAIRO, Egypt — 14 April 2026 (NPA) — The African Export-Import Bank (Afreximbank) has pledged support for Dangote Group as the conglomerate pursues an ambitious plan to expand operations and achieve annual revenues of US$100 billion by 2030.

The announcement followed the presentation of the Group’s long-term growth strategy, “Vision 2030: Supercharging Dangote Group for Long-Term Success,” to Afreximbank’s Board of Directors and executive team on 31 March 2026. The strategy outlines a two-phase expansion programme spanning 2025–2028 and 2028–2030.

Key initiatives include increasing the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels per day, and quadrupling fertiliser production from 3 million tonnes per annum to 12 million tonnes per annum — positioning the Group as the world’s largest producer of urea fertiliser. The plan also covers expansion in cement, rice, and food production, alongside new investments in infrastructure, gas, mining, data centres, and power.

Dangote Group estimates it will require at least US$40 billion in new investments over the next five years to realise its continental ambitions.

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, described the partnership as a shared mission to drive Africa’s industrial growth. “Our partnership with Afreximbank is more than financial support; it is about a shared dream for the continent,” he said.

Afreximbank President and Chairman of the Board, Dr. George Elombi, emphasised the alignment of goals between the two institutions, noting that the collaboration would accelerate Africa’s industrial transformation. He recalled the continent’s struggles during the COVID-19 pandemic due to limited production capacity, stressing the importance of building local resilience.

As part of the partnership, Afreximbank signed a US$2.5 billion facility underwritten as part of a US$4 billion syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE.

The agreement underscores Afreximbank’s commitment to supporting large-scale African enterprises and Dangote Group’s role in advancing industrialisation and economic diversification across the continent.