Dangote Group eyes 1.4 million bpd in $40bn Afreximbank deal

The Dangote Group is targeting at least $40 billion in investments to fund a five-year plan to expand its fertiliser and oil refining operations, according to a recent statement by the African Export-Import Bank (Afreximbank).

The statement disclosed that Dangote Group’s Vision 2030, aimed at supercharging the group for long-term success, outlines a two-phase program spanning 2025–2030, with plans to scale existing operations and explore new sectors.

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The expansion plan includes increasing Dangote Petroleum Refinery’s capacity from 650,000 barrels per day (bpd) to 1.4 million bpd, quadrupling fertiliser production from 3 million tons per annum to 12 million tons, making the Group the world’s largest urea fertiliser producer, and expanding other business lines, including cement, rice, and food production, and exploring investments in infrastructure (ports and pipelines), gas, mining, power, and data centres.

As part of this effort, Dangote Group signed a $2.5 billion facility underwritten by Afreximbank, forming part of a $4 billion syndicated term loan for Dangote Petroleum Refinery and Petrochemicals.

“Our partnership with Afreximbank is more than financial support; it is about a shared dream for the continent. When we set out to build a 650,000 barrel-per-day refinery—the largest of its kind in Africa—the Bank believed in our vision when others were sceptical,” said Aliko Dangote, president of Dangote Industries Limited.

Executives from Dangote Group and Afreximbank emphasised that the partnership represents more than financial support—it reflects a shared vision for Africa’s industrial growth.

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Dangote added that, “We are joined at the hip with the bank because we share the same mission: to drive local capacity, eliminate our dependence on imports, and ensure Africa’s industrial growth is led by Africans.”

George Elombi, president of Afreximbank, said the partnership demonstrates a strong convergence of purpose to free Africa from dependency and ensure the continent’s resources are used to benefit its people. “Even when financing was available, we could not access essential items.”

The investment is expected to enhance Africa’s energy security, fertiliser self-sufficiency, and overall industrial transformation.