Africa’s richest man, Aliko Dangote, is preparing one of the continent’s biggest corporate expansion drives yet, unveiling plans to grow the Dangote Group into a $100 billion industrial powerhouse by 2030 through massive investments in refining, cement and fertiliser, and by tapping global investors for what could become Africa’s largest-ever corporate fundraising programme.
In an interview with Bloomberg, Fatima Dangote, the group’s executive director for oil and gas, disclosed that the conglomerate expects annual revenue to rise from about $20 billion today to $80 billion within the next three years, before reaching $100 billion by the end of the decade.
The interview marks the first time the company has publicly shared detailed revenue projections.
The ambitious growth plan will require about $40 billion in fresh investment, with the company looking to raise capital through a combination of a planned initial public offering (IPO) of Dangote Refinery, the sale of a stake in its fertiliser business and a secondary London listing for Dangote Cement.
“What drives all of us is to see that we actually attain Vision 2030. The Vision 2030 is not the end. It’s just the beginning,” Ms Dangote said.
