Dangote’s $100 Billion Vision: Africa’s Biggest Industrial Expansion Plan

Aliko Dangote, Africa’s richest man, is pursuing one of the continent’s largest corporate growth plans, aiming to expand his conglomerate from roughly US$20 billion in annual revenue today to US$100 billion by 2030.

Fatima Dangote, the group’s executive director for oil and gas, told Bloomberg that revenue is projected to reach US$80 billion within three years en route to that target – the company’s first public disclosure of detailed financial projections. The plan calls for roughly US$40 billion in new investment, funded through an initial public offering of Dangote Refinery, a partial sale of the fertilizer business, and a secondary London listing for Dangote Cement.

The refinery near Lagos, already Africa’s largest, is set to more than double its capacity to 1.4 million barrels per day by 2028. Dangote is also building a US$17 billion refinery in Lamu, Kenya, extending its reach into East Africa. Renewed Middle East tensions have boosted demand for alternative fuel sources, lifting the group’s earnings this year.

The company recently raised US$2.5 billion in private investment for the refinery – reportedly Africa’s largest disclosed private-equity placement – laying groundwork for what could become the continent’s biggest-ever IPO.

Beyond energy, Dangote plans to double fertilizer output to 12 million tons annually and expand cement capacity to 80 million tons by 2030, alongside interests in sugar, mining, shipping, and real estate.

The expansion coincides with a leadership transition: while Aliko Dangote remains chairman, his daughters Fatima, Mariya, and Halima now hold senior roles across oil and gas, cement, and international investments, respectively – signaling a broader succession plan as the conglomerate enters its next growth phase.