The Dangote Group has announced plans to grow its annual revenue to $100 billion by 2030. Under a new strategy anchored in gas, mining, data centres, power, and infrastructure, the conglomerate will require at least $40 billion in investment. The Group presented its plan to the African Export-Import Bank (Afreximbank), with the bank’s President George Elombi stating that the discussions between the two entities show a shared goal of reducing Africa’s reliance on imports and improving local production. Central to the plan is increasing the capacity of its Lagos-based refinery to 1.4 million barrels per day, and raising fertiliser output to 12 million tons annually. Speaking to Forbes Africa, Pelumi Arogundade, CEO of Lagos-based financial services company Salmnine Holdings says that the multibillion dollar investment could lead to job creation and increased foreign investment across different sectors. “This is a clear indication of Africa’s next phase of economic maturity. Equally important is the signal this sends to global markets. Ambitious, capital-intensive expansion from a group like Dangote reinforces the view that Africa is investable at scale,” says Arogundade.
