Afreximbank backs Dangote's $100bn Vision 2030 expansion
Afreximbank has backed Dangote Group's ambitious Vision 2030 expansion plan targeting $100 billion turnover by 2030. The two-phase program (2025-2028 and 2028-2030) includes scaling refinery capacity from 650,000 to 1.4 million barrels per day and quadrupling fertilizer production from 3 million to 12 million tonnes annually—potentially making Dangote the world's largest urea producer.
This $40 billion investment strategy expands across cement, rice, food production, and new sectors including ports, pipelines, gas, mining, data centers, and power. The partnership includes a $2.5-billion facility from Afreximbank as part of a $4-billion syndicated loan for Dangote Petroleum Refinery.
For Nigeria, this means reduced fuel import dependency, potential lower fertilizer prices, and strengthened industrial capacity. The refinery expansion could transform Nigeria from fuel importer to exporter, while increased fertilizer production may boost agricultural output and food security.
How will this industrial transformation affect your business or investment strategies in the next 5-10 years? Will you explore opportunities in Dangote's expanded value chain or monitor how these changes impact your sector?