Dangote Group Unveils Ambitious $45 Billion Investment Strategy
The Dangote Group has announced plans to invest an additional $45 billion in its refinery expansion, liquefied natural gas (LNG) infrastructure, and a range of industrial projects across the region. This strategic initiative aims to boost annual revenues from the current figure to $100 billion, ultimately striving to reach $200 billion by 2030.
New Growth Phase Focused on Exports and Gas
Chairman Aliko Dangote revealed this bold vision in a recent conversation with Nicolai Tangen, the CEO of Norway’s sovereign wealth fund. He emphasized that the company is entering an expansive growth phase, particularly focusing on exports, refining, and gas. The current refinery’s output is set to more than double within the next 30 months, increasing its production capacity to 1.4 million barrels per day.
Investment in LNG and New Refineries Across East Africa
In addition to refining, the group is committed to developing 12 million tonnes of LNG projects and establishing new refineries across East Africa, specifically in Tanzania, Uganda, and Kenya. Dangote stated that the group is well-positioned with $45 billion earmarked for these significant investments, further articulating that this program also encompasses gas infrastructure aimed at capturing and processing flare gas from southern and eastern Nigeria.
Financial Strategy Built on Export Earnings
This expansion plan is supported by a financial model centered around export revenues and increased investor participation. Dangote indicated that 80% of the group’s revenue is projected to be in US dollars, which will mitigate currency risks and enhance dividend payouts.
Targeting Substantial Growth in EBITDA
The company’s financial performance appears robust; Dangote noted that their earnings before interest, tax, depreciation, and amortization (EBITDA) stood at around $3 billion last year. The group aims to increase this figure significantly, targeting over $30 billion by 2030. As part of this industrial strategy, cement production is also expected to rise to 100 million tonnes.
Pathway to a $200 Billion Market Valuation
This ambitious expansion trajectory is designed to elevate the company’s market valuation to over $200 billion, reinforcing its long-term revenue goal. “Our objective is clear: to successfully raise this $45 billion and achieve $200 billion in revenue by 2030,” Dangote remarked. He highlighted the group’s foundational philosophy: thinking big is essential for growth, as small ambitions often lead to stagnation.
Advancements in Crude Oil Production
In a noteworthy development, Dangote Oil Refinery recently reported its first crude oil output from its upstream assets. The firm plans to initiate marketable crude production in the coming weeks to secure a reliable supply for its extensive refinery located near Lagos. The vice president of oil and gas at Dangote indicated that standard testing of drilled wells would wrap up within the next few weeks, paving the way for large-scale production.
Infrastructure Developments Enhancing Operational Capacity
The current production rate from the Karaekul field on oil mining lease (OML) 72 stands at approximately 4,500 barrels per day, following a delayed start-up in December 2025. That figure is anticipated to escalate to 15,000 barrels per day in the near future. Dangote retains an 85% stake in its upstream joint venture, West Africa Exploration and Production (WAEP), which holds a 45% interest in OML 71 and 72, with the Nigerian National Petroleum Corporation (NNPC Ltd) owning the remainder. First E&P operates these assets.
