Dangote Group has set a target of generating more than $35 billion in annual profit by 2030 as part of an expansion plan that will involve nearly $50 billion in new investments across Africa.
The conglomerate’s Vision 2030 strategy includes an $8 billion Liquefied Natural Gas plant with a production capacity of 13 million tonnes per annum, as well as a 700,000-barrel-per-day refinery planned for Lamu, Kenya.
President and Group Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed the plan during a visit by Kenyan President William Ruto to the Dangote Petroleum Refinery and Petrochemicals Complex in Lagos.
Dangote said the group was projecting group revenue of between $115 billion and $120 billion by 2030, with the ambition of building a business valued at more than $350 billion if it proceeds with further listings.
He explained that most of the businesses expected to contribute to the 2030 target are already operational or under development, while the LNG project remains one of the major new ventures yet to commence.
The group plans to finance the expansion programme through cash generated from its existing businesses and debt commitments from financial institutions, including the Africa Finance Corporation.
Beyond refining and LNG, Dangote said the group would expand into areas including gas infrastructure, power generation, mining, upstream oil and gas and port infrastructure.
The company is also developing a refinery in Lamu, Kenya, with an estimated investment of between $15 billion and $17 billion. The facility is expected to process up to 700,000 barrels of crude oil daily and supply petroleum products to Kenya and other countries in East Africa.
Construction preparations for the Lamu refinery have already begun, with the first shipment of project materials arriving at Lamu Port ahead of the September 30 groundbreaking ceremony.
The vessel, MV Da Yang Bai He, reportedly delivered about 2,930 metric tonnes of construction materials for the project.
Kenyan President William Ruto, who is expected to attend the groundbreaking, described the Dangote refinery in Lagos as an example of large-scale engineering and industrial development.
He said Kenya was supporting the Lamu project and expected it to contribute not only to energy supply but also to industrial development and skills development in engineering-related fields.
Meanwhile, Dangote Group’s expansion comes as the company moves forward with the initial public offering of Dangote Refinery, which comprises 4.1 billion ordinary shares priced at N525 each.
The listing is expected to provide another avenue for investors to participate in the refinery and increase the visibility of Dangote’s businesses within Nigeria’s capital market.
