Afreximbank Strengthens Partnership with Dangote Group to Achieve US$100 Billion Revenue Goal by 2030
The African Export-Import Bank (Afreximbank) has announced its support for the Dangote Group as the latter aims to expand its operations and reach a turnover of US$100 billion by 2030. This strategic partnership is pivotal not only for the Dangote Group but also for the broader economic landscape of Africa, particularly in the context of industrial growth and self-sufficiency.
Vision 2030: A Comprehensive Growth Strategy
On March 31, 2026, the leadership of the Dangote Group presented its long-term growth strategy, titled “Vision 2030: Supercharging Dangote Group for Long Term Success,” to the Afreximbank Board of Directors. This strategy outlines a two-phase expansion program that spans from 2025 to 2030. The first phase focuses on scaling and optimizing existing operations, while the second phase aims to introduce new initiatives across various sectors.
Key initiatives include increasing the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd. Additionally, the Group plans 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.
Expanding Horizons: Infrastructure and Beyond
The expansion strategy also encompasses rapid growth in other sectors, including cement, rice, and broader food production. The Dangote Group has identified new investment opportunities in infrastructure, such as ports and pipelines, as well as in gas and mining. These sectors are crucial for semi-processed and value-added mineral exports.
Moreover, the Group is looking to invest in data centers to bolster Africa’s digital transformation and enterprise resilience, alongside power generation, which is described as the engine of Africa’s industrial transformation. To support this ambitious growth plan, the Dangote Group anticipates needing at least $40 billion in new investments over the next five years.
Strategic Partnership: A Shared Vision
Mr. Aliko Dangote, President and Chief Executive of Dangote Industries Limited, emphasized the strategic value of the partnership with Afreximbank. He stated that the collaboration transcends mere financial support; it embodies a shared vision for the continent. He recalled that when the Group set out to build the largest refinery in Africa, Afreximbank believed in their vision when others were skeptical. This partnership is rooted in a mutual mission to enhance local capacity, reduce reliance on imports, and ensure that Africa’s industrial growth is driven by Africans.
Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, echoed this sentiment, highlighting the strong alignment of purpose between the two entities. He expressed confidence that their collaboration would forge a formidable bond capable of making large-scale investments that would accelerate necessary changes in Africa, especially in light of increasing global fragmentation and protectionism.
Lessons from the Pandemic: A Call for Resilience
Reflecting on the COVID-19 pandemic, Dr. Elombi noted that Africa faced significant challenges in securing essential protective materials due to limited production capacity. He pointed out that even when financing was available, access to these vital items was a struggle. This experience underscores the importance of building resilient supply chains and local production capabilities.
Afreximbank remains committed to supporting the aspirations of the Dangote Group. Dr. Elombi affirmed that the institution’s core mission is to convert aspirations into actionable plans, reinforcing its role as a catalyst for economic development in Africa.
Financial Commitment: A Significant Investment
The recent event also marked the signing of a US$2.5 billion facility underwritten by Afreximbank, which is part of a larger US$4 billion senior syndicated term loan aimed at supporting Dangote Petroleum Refinery and Petrochemicals FZE. This financial backing is crucial for facilitating the ambitious growth plans outlined by the Dangote Group.
The partnership between Afreximbank and the Dangote Group is emblematic of a broader trend in Africa, where financial institutions are increasingly recognizing the importance of supporting local enterprises in their quest for growth and sustainability. This collaboration is expected to have far-reaching implications for the continent’s economic landscape, particularly in enhancing industrial capacity and reducing dependency on imports.
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