President of Dangote Group, Aliko Dangote, has committed an additional $50 billion to investments across Africa, emphasizing the need for the continent to mobilize its own capital and build businesses at a global scale. This commitment brings the total investment by the Dangote Group to over $75 billion, with $25 billion already invested in existing businesses. Dangote made this announcement in Nairobi, Kenya, during a fireside chat with the Chief Executive Officer of the Nairobi Securities Exchange (NSE), Frank Mwiti.
The Dangote Petroleum Refinery has achieved a significant operational milestone, recording an average capacity utilisation of 105.21 per cent in August 2026. According to data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the refinery processed an average of 736,470 barrels of crude oil per day in August. This strong performance was supported by a rebound in domestic crude oil supply, with deliveries rising by 16.75 per cent to 683,000 barrels per day during the month.
The next phase of Dangote Group's expansion will combine large-scale industrial investments with a deliberate effort to open its businesses to public ownership through African capital markets. The Group is targeting over $100 billion in yearly revenue by 2030, with the proposed Lamu refinery expected to be listed in Kenya when it becomes ready for public ownership. This move is part of the Group's Vision 2030, which aims to create and generate wealth for Africans.
The Lamu project is expected to extend the industrial model developed around the 700,000 barrels per day Dangote Petroleum Refinery in Lagos into East Africa. Kenyan officials link the project to broader efforts to process the continent's natural resources locally rather than continue exporting raw materials and importing finished products. President William Ruto's Chief Economic Adviser, David Ndii, said the Lamu refinery emerged from discussions among African policymakers, financiers, and business leaders on how the continent could deploy its natural resources for industrialisation.
The East African market for finished petroleum products is estimated at about 20 million metric tonnes yearly, with the potential to rise to 30 million tonnes. According to Ndii, the project was given the green light after a closed-door meeting in April examined the market and found that African capital was available to finance the investment and that there was an entrepreneur with the capacity to execute a refinery of that scale.
Dangote added that the proposed Lamu refinery should be listed in Kenya when it becomes ready for public ownership, rather than automatically being listed in Nigeria. He emphasized that the ownership drive was part of the Group's Vision 2030, under which it is targeting more than $100 billion in yearly revenue. The achievement of this target is seen as a significant milestone in Africa's industrialisation.
The Dangote Group's achievement underscores the refinery's growing contribution to Nigeria's energy security, foreign exchange conservation, and industrial growth agenda. The refinery's improved throughput translated into average daily production of 84.43 million litres of refined white products, including Premium Motor Spirit (PMS), Automotive Gas Oil (AGO/diesel), and Aviation Turbine Kerosene (ATK).
Key points
- Aliko Dangote commits $50b to investments across Africa
- Dangote targets $100b yearly revenue by 2030
- Lamu refinery to be listed in Kenya when ready for public ownership
