Afreximbank Backs Dangote Group’s $100bn Revenue Target by 2030

The African Export-Import Bank (Afreximbank) has committed to supporting Dangote Group in its ambitious bid to reach a revenue target of US$100 billion by 2030. 

This strategic partnership aims to drive Nigeria and Africa toward self-sufficiency in key industries, with a focus on critical sectors such as energy, agriculture, and manufacturing.

Dangote Group’s leadership recently presented its long-term growth strategy, “Vision 2030: Supercharging Dangote Group for Long Term Success,” to Afreximbank’s Board of Directors. The strategy outlines an aggressive two-phase expansion program scheduled from 2025 to 2030, focusing on scaling up operations across the group’s existing sectors while exploring new investment opportunities.

Key initiatives include significantly expanding the Dangote Petroleum Refinery’s capacity, from 650,000 barrels per day (bpd) to 1.4 million bpd, and quadrupling the Group’s fertiliser production, from 3 million tonnes annually to 12 million tonnes. This would position Dangote Group as the world’s largest producer of urea fertiliser.

Additionally, the expansion strategy includes rapid growth across cement, rice, and food production. Beyond these, Dangote Group is exploring investments in infrastructure, including ports, pipelines, gas, mining, and power, critical areas that will fuel Africa’s industrial transformation.

To achieve this, Dangote Group projects a need for $40 billion in new investments over the next five years.

Aliko Dangote, President/CEO of Dangote Industries Limited, highlighted the strategic partnership with Afreximbank, stating, “Our partnership with Afreximbank is more than financial support; it’s about a shared dream for the continent. Afreximbank believed in our vision when others were skeptical. 

Without their leadership, Africa’s development would not be where it is today. We are committed to eliminating our dependence on imports and driving Africa’s industrial growth.”

Dr. George Elombi, President and Chairman of Afreximbank, expressed confidence in the partnership, emphasizing the shared purpose of reducing Africa’s dependency on foreign resources. He also reflected on the challenges faced during the COVID-19 pandemic when Africa struggled to secure essential materials. 

He pledged Afreximbank’s full support in realizing Dangote Group’s goals, reaffirming the bank’s commitment to turning aspiration into action.

The partnership was further solidified with the signing of a US$2.5 billion facility, part of a larger US$4 billion syndicated loan underwritten by Afreximbank, aimed at supporting the Dangote Petroleum Refinery and Petrochemicals FZE.

As Dangote Group sets its sights on becoming a major driver of Africa’s industrial growth, the backing from Afreximbank represents a pivotal moment in the continent’s quest for economic self-reliance and growth.