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The Dangote Group has unveiled details of its Vision 2030 plan, targeting more than $115 billion in annual turnover and about $35 billion in annual profit by the end of the decade.
The conglomerate said the plan will be supported by nearly $50 billion in new investments across Africa, including an $8 billion liquefied natural gas (LNG) 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 said the group’s existing businesses and planned investments would form the foundation of the Vision 2030 strategy.
He said the group was projecting a turnover of between $115 billion and $120 billion by 2030, with annual profit potentially reaching $35 billion.
“What we are trying to do is to say, so where will we be by 2030? Where are we going to be? So we’ll have a group that can have a profit of $35 billion on an annual basis,” Dangote said.
He added that the group’s expansion could result in a valuation of more than $350 billion if the businesses are listed.
The planned investments will cover sectors including refining, gas, LNG, power, mining, ports and other infrastructure across Africa.
Dangote said the group’s LNG project, which is expected to cost about $8 billion, is among the major projects yet to commence from the ground up 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.
Dangote said the Lamu project would include a power plant larger than the one at the group’s Lekki complex, with a capacity of about 1,000 megawatts.
According to him, about 500MW of the power generated would be sold to the Kenyan government.
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The Vision 2030 plan comes as the Dangote Group continues to expand its industrial operations across Africa. Its Nigerian investments include cement, refining, fertiliser, petrochemicals, gas and power infrastructure.
The Dangote Petroleum Refinery in Lagos has a capacity of 700,000 barrels per day, while the company has also indicated plans to increase its capacity to 1.4 million barrels per day.
Group Chief Strategy Officer, Aliyu Suleiman, said the Vision 2030 strategy was based on the belief that Africans must play a leading role in developing the continent.
“The aim of the vision is to lead Africa’s industrialisation because we realise that nobody will develop Africa but us,” Suleiman said.
He said the group would continue to pursue investments in port infrastructure, gas, LNG, upstream oil and gas, power and mining.
Suleiman added that the group expects to finance the planned investments through internally generated cash flow and committed debt facilities.
Meanwhile, Kenyan President William Ruto expressed support for the Lamu refinery project after touring the Dangote refinery in Lagos.
Ruto described the Lagos facility as a “masterpiece of science, engineering, and art” and said his visit had been worthwhile.
He disclosed that five of the eight African presidents invited to the Lamu refinery groundbreaking had confirmed their attendance.
The groundbreaking ceremony 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.
The development is also coming amid the Dangote Refinery’s ongoing initial public offering, which involves 4.1 billion ordinary shares priced at ₦525 per share. The public offer opened on September 14 and is scheduled to close on October 13, 2026.
