Aliko Dangote, President of the Dangote Group, recently outlined an ambitious investment strategy totaling an additional $45 billion. This significant capital injection is aimed at expanding the company's refinery capacity, developing liquefied natural gas (LNG) infrastructure, and undertaking regional industrial projects. The ultimate goal is to elevate annual revenue to $100 billion, with an even more ambitious target of $200 billion by 2030.

Disclosed during an interview with Nicolai Tangen, CEO of the Norwegian Sovereign Wealth Fund, Dangote emphasized that the group is entering a new phase of growth, heavily driven by exports, refining capabilities, and gas projects. A cornerstone of this expansion is the current refinery, which is slated to more than double its capacity within 30 months, increasing to an impressive 1.4 million barrels per day. Mr. Dangote remarked, "We are more than doubling the refinery. In the next 30 months, we'll be at 1.4 million, which is huge."

Beyond the refinery, the investment program includes a substantial 12-million-tonne LNG project. Additionally, new refinery investments are planned across East Africa, specifically in Tanzania, Uganda, and Kenya. The group's commitment also extends to gas infrastructure development in Nigeria, designed to capture and process flared gas from the southern and eastern regions. This processed gas will then be transported westward to feed the new LNG plant. "We're doing LNG in Nigeria. We're doing a gas infrastructure to remove all the gas we are flaring... bringing it to the west where we are setting up an LNG plant," he explained.

The financial model underpinning this vast expansion strategy is built around strengthening export earnings and fostering greater investor participation. A key objective is to ensure that 80 percent of the group's revenue is dollar-based, which will mitigate foreign exchange risks and enhance dividend payments for investors. While the group recorded an Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) of approximately $3 billion last year, the target for 2030 is to achieve over $30 billion, representing a tenfold increase. Furthermore, cement production is set to increase to 100 million tonnes, contributing to the broader industrial thrust of the group.

Mr. Dangote affirmed that this strategic expansion is expected to support a market valuation exceeding $200 billion, aligning with the group's long-term revenue aspirations. He underscored the company's philosophy: "If you think big, you grow big. When you think small, you don't grow at all."

In a related development, the Dangote Petroleum Refinery announced its first oil production from upstream assets, marking a significant step towards securing its own crude supply. The Vice President of Dangote's oil and gas division, Devakumar Edwin, confirmed that standard testing commenced, with marketable crude pumping expected in the coming weeks. The company is currently producing around 4,500 barrels per day from the Kalaekule field on Oil Mining Lease (OML) 72, following a delayed start-up in December 2025. Production is projected to surge to 15,000 barrels per day within weeks, according to Olajumoke Ajayi, CEO of West African Exploration and Production (WAEP), Dangote's upstream joint venture. Dangote holds an 85 percent stake in WAEP, which itself possesses a 45 percent working interest in OML 71 and 72, with the remaining stake held by Nigerian National Petroleum Company Limited (NNPC Ltd) and First E&P operating the assets.