Afreximbank
Olamilekan Abayomi
African Export-Import Bank (Afreximbank) has announced support for Dangote Group as the conglomerate pursues its “Vision 2030” goal of hitting US$100 billion in annual revenue by 2030. The backing was confirmed after Dangote Group’s leadership presented its long-term growth strategy to the Afreximbank Board of Directors and executive team on Tuesday, 31 March 2026.
Vision 2030 is structured as a two-phase expansion program covering 2025–2028 and 2028–2030. The plan focuses on scaling existing platforms and expanding capacity across all active sectors while moving into new strategic areas. To fund the continental ambitions, Dangote Group estimates it will need at least $40 billion in new investments over the five-year period.
A core part of the strategy is the energy and industrial segment. Dangote Group plans to more than double the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million bpd. In agribusiness, it intends to quadruple fertiliser production from 3 million tonnes per annum to 12 million tonnes per annum, a scale that would make it the world’s largest producer of urea fertiliser.
The expansion also targets rapid growth in cement, rice, and broader food production. Beyond current businesses, Dangote Group identified new investment opportunities in infrastructure such as ports and pipelines, gas, mining for semi-processed and value-added mineral exports, data centres to support Africa’s digital transformation, and power generation. Power is described as “the engine of Africa’s industrial transformation” in the strategy.
Afreximbank’s support aligns with its mandate to promote intra-African trade and industrialization. The bank’s President and Chairman, Dr. George Elombi, met with Aliko Dangote, President/Chief Executive of Dangote Industries Limited, as the partnership was announced on 08 April 2026. The announcement was made public in Cairo, Egypt.
Aliko Dangote has publicly stated the ambition to grow the conglomerate to a $100 billion revenue enterprise by 2030, with a target market capitalisation exceeding $200 billion. The group is working with Nigerian regulators to list the $20 billion refinery on the Nigerian Exchange, with an IPO slated for 2026 that would allow dividends to be paid in dollars.
If achieved, the $100 billion revenue target would place Dangote Group among the top 100 companies globally. Projected revenue from petrochemical exports, specifically polypropylene and fertiliser, is estimated at $6.4 billion and is expected to support dollar-denominated dividends.
The Vision 2030 plan represents one of the largest corporate expansion programs on the continent, combining heavy industry, agriculture, infrastructure, and digital assets. With Afreximbank’s backing, Dangote Group is positioning to deepen Africa’s manufacturing base, reduce import dependence, and drive export-led growth across multiple value chains.
