President of the Dangote Group, Alhaji Aliko Dangote, has unveiled an ambitious vision to expand his conglomerate into a $100 billion enterprise by 2030, reinforcing his position as one of Africa’s most influential business leaders.
In addition, the billionaire business mogul also plans to expand his refinery investment and double production capacity, a move aimed at slashing fuel prices by up to 50 per cent and boosting Africa’s energy affordability.
Speaking at the Afreximbank Legacy Conference in Cairo, Egypt, Dangote said the group’s growth plan will focus on consolidation, industrial expansion, and cross-border investments that would deepen Africa’s self-sufficiency in key sectors such as energy, manufacturing, and infrastructure.
Currently valued at over $30 billion, the Dangote Group has interests spanning cement, sugar, salt, fertiliser, and the recently launched Dangote Refinery — the largest single-train refinery in the world.
Dangote, whose net worth is estimated at $30.2 billion, said the next phase of his vision is to double the company’s production capacity across all segments, including refining, to reduce energy costs across the continent.According to him, expanding output at the refinery would allow the group to cut petroleum product prices by as much as 50 per cent, boosting regional competitiveness and reducing Africa’s dependence on imported fuels. He said: “Our ambition is not just to build factories, but to build Africa’s capacity to feed, power, and industrialise itself. By 2030, the Dangote Group will be a $100 billion organisation driven by innovation, integration, and impact.”Dangote expressed confidence that the Group’s ambitious target of becoming a $100 billion organisation within the next five years is achievable, highlighting the longstanding partnership with the new President of Afreximbank, Dr. George Elombi, who has been with the bank for over 30 years.
He said: “Our ambition is not just to build factories, but to build Africa’s capacity to feed, power, and industrialise itself. By 2030, the Dangote Group will be a $100 billion organisation driven by innovation, integration, and impact.”Dangote expressed confidence that the Group’s ambitious target of becoming a $100 billion organisation within the next five years is achievable, highlighting the longstanding partnership with the new President of Afreximbank, Dr. George Elombi, who has been with the bank for over 30 years.
We must challenge ourselves to set lofty goals. We can no longer afford to export raw materials and import finished goods. Africa must become a continent that produces, processes, and prospers.”At the same event, business and government leaders commended Dangote’s commitment to Africa’s industrialisation agenda.
They noted that his projects have already created tens of thousands of jobs and transformed Nigeria into a major player in cement, fertiliser, and soon, refined petroleum exports.Dangote’s announcement comes amid growing calls for African billionaires and institutions to scale up investments in infrastructure, value-added industries, and trade-enabling projects in partnership with Afreximbank and other continental lenders.
The guardian
