Dangote unveils $40bn Africa investment drive by 2030

By Abubakar Yunusa

Aliko Dangote has announced an ambitious $40bn investment plan across Africa, targeting key sectors before the end of the decade.

The President of Dangote Group made the disclosure on Thursday at the Africa We Build Summit held in Nairobi, Kenya.

Dangote said the investment would focus on industrial expansion, petrochemicals and fertiliser production, aimed at reducing Africa’s dependence on imports.

He told African leaders present that the group was ready to replicate its 650,000 barrels-per-day refinery in Nigeria in other parts of the continent, provided there was government support.

“Even now, I can give a commitment to the two presidents that were here. If they support the refinery, we will build an identical one to what we have in Nigeria,” he said.

According to him, preliminary discussions were already underway, noting that nothing would stop the project if stakeholders remained committed.

Dangote also revealed that work had begun on a larger refinery project with a capacity of 1.4 million barrels per day, which he described as the biggest in the world.

He added that the facility would account for about 10 per cent of the United States’ total refining capacity and would be integrated with extensive petrochemical production.

Highlighting the importance of local production, Dangote warned that many Nigerian businesses would have collapsed without the availability of polypropylene used in packaging.

He lamented the sharp increase in costs, noting that prices had surged from 900 to 3,000 within two months, making it unaffordable for many manufacturers.

“This is why we must build self-sufficiency,” he stressed, adding that African financial institutions were increasingly willing to support large-scale industrial projects.

Dangote disclosed that the group was establishing 20 blending plants in underserved areas, alongside plans to produce 12 million tonnes of urea fertiliser.

He further revealed ongoing efforts to secure potash and phosphate supplies from Congo and Brazil to meet Africa’s agricultural needs.

Speaking on industrial gaps, Dangote said Africa lacked sufficient raw materials for basic products such as detergents, despite its population of about 1.4 billion.

He noted that only two factories currently produce key inputs for detergent manufacturing, one in Egypt and another in Algeria.

To bridge the gap, he said the group had commenced production of 400,000 metric tonnes of linear alkyl benzene, a critical raw material for detergents.

Dangote credited institutions such as Afreximbank and the African Finance Corporation for supporting Africa’s industrialisation drive.

He maintained that with the right backing from governments, Africa could achieve economic independence and end its reliance on external support.

Recalling the fertiliser shortage triggered by the Russia-Ukraine war, Dangote said the continent must never again be forced into dependency.

“By 2028, Africa will be self-sufficient in fertiliser,” he declared.