Afreximbank backs Dangote’s $100bn growth plan with $2.5bn facility

The African Export-Import Bank has reaffirmed its strategic backing for Dangote Group, as the industrial giant unveils an ambitious roadmap to scale operations and grow turnover to $100 billion by 2030.

The group presented its long-term blueprint, titled “Vision 2030: Supercharging Dangote Group for Long-Term Success,” to Afreximbank’s Board and executive management on March 31, 2026. The plan outlines a two-phase expansion programme spanning 2025–2028 and 2028–2030, anchored on capacity expansion, sectoral diversification, and new infrastructure investments.

At the core of the strategy is a significant scale-up of existing operations. The Group plans to increase the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million bpd. It also aims to quadruple fertiliser output from 3 million tonnes annually to 12 million tonnes, a move that could position it as the world’s largest producer of urea.

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Beyond refining and fertiliser, Dangote is targeting aggressive growth across cement, rice, and broader food production businesses. It is also expanding into new sectors, including ports and pipeline infrastructure, gas, mining for value-added mineral exports, data centres, and power, seen as critical to Africa’s industrial transformation.

To fund the expansion, the group estimates it will require at least $40 billion in new investments over the next five years.

Speaking on the partnership, Aliko Dangote, president and chief executive of Dangote Industries Limited, described Afreximbank’s role as pivotal to the Group’s growth journey.

“Our partnership with Afreximbank is more than financial support; it is about a shared dream for the continent,” he said, noting the bank’s early backing of the refinery project when investor confidence was low.

Echoing this sentiment, George Elombi, President and Chairman of the Board of Directors of Afreximbank, said the collaboration reflects a shared commitment to reducing Africa’s dependence on imports and unlocking value from its resources.

He highlighted lessons from the COVID-19 pandemic, noting that Africa’s limited production capacity constrained access to essential goods even when financing was available. He added that the partnership with Dangote aligns with Afreximbank’s mandate to drive industrialisation and economic resilience across the continent.

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As part of the renewed support, Afreximbank has underwritten a $2.5 billion facility within a broader $4 billion senior syndicated term loan for Dangote Petroleum Refinery and Petrochemicals FZE.

The deal underscores growing momentum behind large-scale, Africa-led industrial projects, as institutions and private capital increasingly align to accelerate the continent’s economic transformation.