Dangote Unveils $50bn African Expansion Plan
Aliko Dangote has committed an additional $50 billion to investments across Africa as he pushes for bigger African-owned businesses.
The Dangote Group president announced the plan in Nairobi, Kenya, during an investor engagement hosted by the Nairobi Securities Exchange.
Dangote said the Group has already invested more than $25 billion in existing businesses.
“We have already invested more than $25 billion, but right now, we’re going ahead to invest an additional $50 billion,” he said.
According to him, Africa needs large-scale businesses to compete effectively in global markets.
“We want to create and generate wealth for Africans, to make sure that we defend our markets,” Dangote said.
He added,
“The only way to defend the market is not to do baby steps. It is better we do big scale.”
Lamu Refinery Targets East African Market
Meanwhile, Dangote is taking that expansion strategy into East Africa with a planned refinery in Lamu, Kenya.
The proposed Dangote East Africa Petroleum Refinery and Petrochemicals will extend the industrial model behind his 700,000-barrel-per-day Lagos refinery.
David Ndii, President William Ruto’s Chief Economic Adviser, said the project followed discussions about using African resources to drive local industrialisation.
He said East Africa currently needs about 20 million metric tonnes of finished petroleum products annually. That figure could rise to 30 million tonnes.
Ndii said Ruto reduced the investment case to three questions:
“Is there a market? Is there capital? Is there an entrepreneur who can do it?”
With all three questions answered, he said Ruto asked:
“Why would we fail?”
The response, according to Ndii, was:
“We cannot fail.”
Dangote Refinery Exceeds 100% Capacity
Back in Nigeria, the Dangote Petroleum Refinery has also recorded a major operational milestone.
The refinery processed an average of 736,470 barrels of crude oil per day in August 2026. That represented 105.21 per cent of its 700,000-barrel-per-day nameplate capacity.
The facility processed 497,000 barrels daily in July, when it operated at 71 per cent capacity.NMDPRA data also showed that domestic crude deliveries rose 16.75 per cent to 683,000 barrels daily in August.
Consequently, the refinery produced an average of 84.43 million litres of refined petroleum products daily. These included petrol, diesel and aviation fuel.
Dangote Targets $100bn Revenue by 2030
Dangote said the Group’s expansion also supports its Vision 2030 target of generating more than $100 billion in annual revenue.
“We want to make sure that, for the first time, an African company will actually be out there with over $100 billion of revenue,” he said.
“This thing is possible.”
He also said the Lamu refinery should eventually list in Kenya when it becomes ready for public ownership.
That plan reflects Dangote’s wider push to give Africans greater ownership of major businesses through African capital markets.
The refinery’s latest performance also strengthens its role in Nigeria’s energy sector. It can support local fuel supply, conserve foreign exchange and reduce reliance on imported refined products.
