The Dangote Group has unveiled more details of its ‘Vision 2030’, targeting over $115 billion in group turnover and $35 billion in annual profit by 2030, anchored on nearly $50 billion in new investments across Africa.
This, it said, includes an $8 billion 13-metric-tons-per-annum (MTPA) Liquefied Natural Gas (LNG) plant, and a new East Africa refinery in Lamu, Kenya.
President and Group Chief Executive of Dangote Industries Limited, Alhaji Aliko Dangote, provided the latest details in the plan during the visit of Kenyan President, Dr. Williams Ruto and his wife, Rachel, to the Dangote Petroleum Refinery and Petrochemicals Complex at Ibeju-Lekki, Lagos, at the weekend, ahead of Wednesday’s groundbreaking of the facility in Lamu.
Ruto, who toured the 650,000 barrels per day refinery, the world’s largest single-train facility, described it as a masterpiece of science and engineering with art.
He revealed that five African presidents, out of eight invited, have confirmed their attendance to the Lamu refinery groundbreaking, which will be developed by Dangote in partnership with the Kenyan government.
The Vision 2030 roadmap comes as Dangote Group pushes ahead with its broader industrialisation drive across the continent. In Nigeria, the group already operates Africa’s largest cement producer, the 700,000 bpd refinery and targeting 1.4 million bpd, a 3 million tons per annum fertiliser plant which is the world’s second largest urea complex, petrochemicals, and a massive gas and power infrastructure in Lekki Free Trade Zone.
The group has launched the Dangote Refinery Initial Public Offer (IPO), which is expected to be the largest in Africa’s history and to crystallise value for the conglomerate.
Management said internal forecasts show revenues and cash flows from existing assets will fund equity for the $50 billion capex, while debt commitments have been secured from financiers including Africa Finance Corporation (AFC).
“All these are businesses that we are already operating or planned. The only one that we have not started at ground zero is the LNG. So the contribution of the LNG is only $8 billion. But then we don’t have mining. We don’t have the other businesses that we have. This is just to make sure that in the worst case, we will not be less than $115, 120 billion dollars by 2030.
“Because 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, which we can now plan again another five years. So if you do this one, if you are going to list, it means that we can have a group worth over $350 billion. So that’s the plan and vision 2030,” he said.
He disclosed that Lamu will host a bigger power plant than Lekki, generating about 1,000 megawatts from petcoke, with 500MW to be sold to the Kenyan government.
“So here I will give you a sense of what we are going to have in Kenya. But Kenya will be a little bit bigger than what you are going to see today. And I’m happy that you brought our dear sister, Her Excellency, so that when the Lamu project is taking a lot of your time, she’ll forgive you,” Dangote added.
In a presentation, Group Chief Strategy Officer of Dangote Industries Limited, Mr. Aliyu Suleiman, said the Vision 2030 was driven by the conviction that only Africans will develop Africa, leveraging Dangote’s track record of building world-class businesses.
“The aim of the vision is to lead Africa’s industrialisation because we realise that nobody will develop Africa but us… All our companies will operate at the level of the best in the world,” Suleiman said.
Suleiman added that beyond refining, the group is eyeing port infrastructure, gas infrastructure, LNG, upstream, power and mining, and is confident the $50 billion can be financed from internal cash flow and committed debt.
In his remarks after the tour, Ruto said the stopover from the United Nations General Assembly (UNGA) was worth every minute and confirmed his government is fully behind the Lamu project.
“I was on my way from the UNGA but Dangote asked me to make a stopover and now I can say, without fear of any contradiction, that this visit was worth every minute of the time I have spent here,” Ruto said.
He recalled that Kenya initially sought fertiliser imports from Dangote but talks shifted at the Build Africa Summit in April to building a regional refinery.
“Initially, we were thinking of how we could import fertiliser from here. But this year, five months ago, the game changed when Samaila invited us to a meeting where he persuaded us to build Africa… And I am very happy that, on the 30th, Wednesday next week, we will be breaking ground for the East African oil refinery in Lamu,” he said.
Ruto described the Ibeju-Lekki complex as beyond bravery.
“I can confirm that I have seen a masterpiece. A masterpiece of science, engineering, and art… I always knew Nigerians to be very brave people, very aggressive and go-getters. But I didn’t anticipate that it was at this scale… to do what Aliko has done in this refinery, I think being brave is not enough. I think you have to be reckless,” Ruto said.
He said eight regional presidents were invited for Lamu, five have confirmed, and Kenya has secured land and is clearing bureaucratic enablers to fast-track first products.
“We are not looking at this as just a refinery… We’re looking at a refinery that is also going to elevate our industrial scale… We’re also looking at the opportunities that are going to come with this, especially in the space of improving our human capital in engineering, chemical engineering, mechanical engineering, and all the engineering spaces,” Ruto said, joking that Kenya’s standards are higher.
Meanwhile, the construction of Aliko Dangote’s proposed 700,000-barrel-per-day refinery in Lamu, Kenya, has moved into a new phase with the arrival of the first vessel carrying project cargo at Lamu Port, as preparations intensify for the September 30 groundbreaking ceremony.
The vessel, MV Da Yang Bai He, arrived at the port on Saturday carrying 2,930.295 metric tonnes of construction materials for the refinery project, according to Kenya’s Daily Nation. The arrival marks the first major consignment reported at the site ahead of the commencement of construction.
The refinery, estimated at between $15 billion and $17 billion, is expected to be developed over about three years and will form the centrepiece of a broader energy and industrial complex planned around the Lamu investment.
President William Ruto is expected to preside over the groundbreaking on Wednesday, alongside Dangote and several heads of state.
The project is designed to process up to 700,000 barrels of crude oil per day and supply refined petroleum products to Kenya and seven other countries in the region when fully operational.
The development comes as Kenya seeks to strengthen its domestic refining and energy infrastructure while positioning Lamu as a major industrial and logistics hub.
Also, the Chairman of Nigeria Exchange Limited (NGX), Mr. Ahonsi Unuigbe, has said the recent Dangote IPO is a reflection of the economic dividend of President Tinubu’s administration considering the exchange performance under his watch.
Speaking at a fact behind the Dangote IPO of 4,100,000,000 units of ordinary shares issued at N525 per share event held recently, Ahonsi, said that putting the offer in the broader context of the Nigerian economy, the nation’s capital market, starting with the Exchange itself has shown such noteworthy performance.
He said that in 2025, the NGX All-Share Index rose by 51.19 per cent, while equity market capitalisation almost tripled from N36.6 trillion to N99.38 trillion.
Ahonsi also said that this strong momentum has continued into 2026, adding that by early September, the market had gained approximately 59 per cent year-to-date, with equity market capitalisation now exceeding N160 trillion.
He stressed that the reforms undertaken by the President Bola Tinubu administration may not have been easy, but argued that Nigerians are beginning to see clear signs of greater confidence in the Nigerian economy.
“His Excellency, President Bola Ahmed Tinubu has set out a $1 trillion GDP target for the economy by 2030 which is a significant ambition, and it will require businesses of scale, investment, job creation and companies that are able to compete not just in Nigeria, but across Africa and globally.
“To achieve such an economy, we need more Dangotes. We need many more locally created businesses of such scale and ambition, across different sectors, that are prepared to grow, create jobs, attract capital and compete beyond Nigeria.
“I think that is perhaps one of the biggest legacies that Alhaji Dangote has built. It shows that ambition is not just possible, but attainable, but it requires people who are prepared to think big, take risks and actively build.
“International rating agencies are recognising improvements in Nigeria’s external position, foreign exchange reserves growth, and macroeconomic resilience.
“We are all aware that in May, S&P upgraded Nigeria’s sovereign rating from B- to B, and in August, Moody’s moved Nigeria’s outlook from stable to positive. Noteworthy of mention is the fact that these assessments come as Nigeria approaches another election cycle, a period that traditionally introduces additional uncertainty and risk. Yet, the sentiment remains optimistic, which makes this even more meaningful,” he stated.
Ahonsi noted that while there is still much work to be done, these developments indicate a positive shift in how Nigeria is perceived and this significance brings us back to today’s transaction.
“We have all heard of the scale of The Dangote Refinery which positions it not only as one of the largest refineries on earth but also among the largest suppliers of refined petroleum products globally, within just two and a half years of commencing operations,” he said.
He reiterated that it was not to promote the IPO, as that responsibility belongs to the issuing houses, but emphasised the point that economies flourish when individuals are willing to invest in their own country and develop large businesses.
Emmanuel Addeh and Peter Uzoho
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