Afreximbank Strengthens Partnership with Dangote Group to Achieve US$100 Billion Revenue Goal by 2030
African Export-Import Bank (Afreximbank) has announced its support for Dangote Group as the conglomerate aims to expand its operations and reach a revenue target of US$100 billion by 2030. This announcement was made during a presentation on March 31, 2026, where Dangote Group unveiled its long-term growth strategy, titled “Vision 2030: Supercharging Dangote Group for Long Term Success,” to the Afreximbank Board of Directors.
Strategic Growth Plans
The growth strategy comprises a two-phase expansion program that spans from 2025 to 2030. During the presentation, Dangote Group outlined its plans to enhance and optimize existing platforms while expanding capacity across various sectors. Notable initiatives include increasing the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd. Furthermore, the Group aims to quadruple its fertilizer production from 3 million tonnes per annum to 12 million tonnes per annum, positioning itself as the world’s largest producer of urea fertilizer.
The expansion strategy also encompasses rapid growth in other sectors, including cement, rice, and broader food production. Additionally, the Group has identified new investment opportunities in infrastructure, such as ports and pipelines, as well as in gas, mining, data centers, and power generation, which are crucial for Africa’s industrial transformation.
Financial Requirements for Expansion
To facilitate this ambitious growth over the next five years, Dangote Group anticipates needing at least $40 billion in new investments. This financial backing is essential for realizing its continental ambitions and enhancing local capacity.
Mr. Aliko Dangote, President and Chief Executive of Dangote Industries Limited, emphasized the strategic importance of the partnership with Afreximbank. He stated that the collaboration extends beyond financial support; it embodies a shared vision for the continent. He remarked on the Bank’s early belief in the Group’s vision when establishing the refinery, highlighting that their partnership is crucial for driving local capacity and reducing dependency on imports.
Commitment to African Development
Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, noted the alignment of goals between the two entities, aimed at liberating Africa from dependency and ensuring that the continent’s resources benefit its people. He expressed confidence that this collaboration would forge a strong partnership capable of making significant investments to accelerate necessary changes, especially in light of increasing global fragmentation and protectionism.
Reflecting on the challenges faced during the COVID-19 pandemic, Dr. Elombi recalled how Africa struggled to secure essential protective materials due to limited production capacity. He reiterated Afreximbank’s commitment to supporting Dangote Group’s aspirations, stating that the institution’s mission is to convert aspirations into actionable outcomes.
Financial Agreement and Future Prospects
The event culminated in the signing of an agreement for a US$2.5 billion facility underwritten by Afreximbank, forming part of a larger US$4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE. This financial arrangement is expected to play a pivotal role in supporting the Group’s expansion initiatives.
Afreximbank, a Pan-African multilateral financial institution, has been instrumental in financing and promoting intra- and extra-African trade for over 30 years. The Bank has developed innovative financing solutions that support the transformation of Africa’s trade structure, thereby accelerating industrialization and boosting economic growth across the continent.
For more information, visit: www.Afreximbank.com.
Source: www.zawya.com
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Published on 2026-04-08 22:11:00 • By the Editorial Desk
