The Dangote Group has unveiled its Vision 2030 plan, aiming to achieve over $115 billion in annual turnover and approximately $35 billion in annual profit by the end of the decade. This ambitious strategy involves nearly $50 billion in new investments across Africa, including an $8 billion liquefied natural gas project and a new refinery in Lamu, Kenya.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed the targets during a visit by Kenyan President William Ruto and his wife, Rachel, to the Dangote Petroleum Refinery and Petrochemicals Complex in Ibeju-Lekki, Lagos. Dangote stated that the group’s existing businesses and planned investments would form the foundation of the Vision 2030 strategy, projecting a turnover of between $115 billion and $120 billion by 2030.
The planned investments will cover various sectors, including refining, gas, liquefied natural gas, power, mining, ports, and other infrastructure across Africa. Dangote mentioned that the group’s LNG project, expected to cost about $8 billion, is among the major projects yet to commence under the expansion plan. The conglomerate also plans to expand its energy infrastructure in Kenya, where it is developing a 700,000-barrel-per-day refinery in Lamu in partnership with the Kenyan government.
The Lamu refinery project includes a power plant with a capacity of about 1,000 megawatts, with about 500MW of the power generated to be sold to the Kenyan government. This project is part of the Dangote Group’s efforts to expand its industrial operations across Africa, with existing investments in Nigeria including cement, refining, fertiliser, petrochemicals, gas, and power infrastructure.
Group Chief Strategy Officer, Aliyu Suleiman, stated that the Vision 2030 strategy is based on the belief that Africans must play a leading role in developing the continent. The aim is to lead Africa’s industrialisation, with the group pursuing investments in port infrastructure, gas, LNG, upstream oil and gas, power, and mining. The group expects to finance the planned investments through internally generated cash flow and committed debt facilities.
Kenyan President William Ruto expressed support for the Lamu refinery project after touring the Dangote refinery in Lagos, describing the Lagos facility as a “masterpiece of science, engineering, and art.” The groundbreaking ceremony for the Lamu refinery is scheduled for September 30, with the Kenyan government positioning the project as part of efforts to strengthen the country’s refining and industrial capacity.
The Lamu refinery is expected to process up to 700,000 barrels of crude oil per day when completed and supply refined petroleum products to Kenya and other countries in the region. Meanwhile, the Dangote Refinery’s ongoing initial public offering involves 4.1 billion ordinary shares priced at ₦525 per share, with the public offer set to close on October 13, 2026.
Key points
- The Dangote Group targets $115 billion in annual turnover and $35 billion in annual profit by 2030.
- The Vision 2030 plan involves nearly $50 billion in new investments across Africa.
- The Lamu refinery project includes a 700,000-barrel-per-day refinery and a 1,000 megawatt power plant.
