Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank with Mr. Aliko Dangote, President/Chief Executive, Dangote Industries Limited
Cairo, Egypt, 08 April 2026: – African Export-Import Bank (Afreximbank) is proud to announce that it is supporting Dangote Group, as it seeks to expand its operations and grow its turnover to US$100 billion by 2030.
The Group’s leadership presented its long-term growth strategy “Vision 2030: Supercharging Dangote Group for Long Term Success” to the Afreximbank Board of Directors and its executive team on Tuesday, 31 March 2026. The strategy outlines a two‑phase expansion programme spanning 2025–2028 and 2028–2030.
During the presentation, Dangote Group outlined plans to scale and optimise its existing platforms and expand capacity across all active sectors. Key initiatives include increasing the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day (bpd) to 1.4 million bpd. Additionally, the Group intends to quadruple its Fertiliser production from 3 million tonnes per annum to 12 million tonnes per annum, a move that would position the Group as the world’s largest producer of urea fertiliser.
The expansion strategy encompasses rapid growth across other business lines, including cement, rice, and broader food production. Beyond its current portfolio, the Group identified new investment opportunities in infrastructure — including ports and pipelines — as well as gas, mining (as a gateway for semi‑processed and value‑added mineral exports), data centres to support Africa’s digital transformation and enterprise resilience, and power, described as the engine of Africa’s industrial transformation.
To drive the growth over the five years, the Dangote Group predicts that it will require at least $40 billion in new investments to realise its continental ambitions.
Recognising the strategic value of the partnership with Afreximbank, Mr. Aliko Dangote, President/Chief Executive, Dangote Industries Limited said: “Our partnership with Afreximbank is more than financial support; it is about a shared dream for the continent. When we set out to build a 650,000 barrel-per-day refinery—the largest of its kind in Africa—the Bank believed in our vision when others were sceptical. Without their leadership and trust, the development of the African continent would not be where it is today. We are joined at the hip with the bank because we share the same mission: to drive local capacity, eliminate our dependence on imports, and ensure Africa’s industrial growth is led by Africans.”
On his part, Dr. George Elombi, President and Chairman of the Board of Directors of Afreximbank, noted that the engagements demonstrated a strong convergence of purpose to free Africa from dependency and to ensure the continent’s resources are used to the benefit of its people. He expressed confidence that the collaboration would lead to “a formidable bond of partnership to make large-scale investments that will accelerate the changes we desire,” changes that have gained urgency amid increasing global fragmentation and protectionism.
Dr. Elombi recalled that at the onset of COVID 19 pandemic in 2020, Africa struggled to secure even the basic protective materials due to limited production capacity, adding that “even when financing was available, we could not access these essential items.”
He further pledged the readiness of Afreximbank and its Board of Directors to support the realisation of Dangote Group’s aspirations. “This is the very purpose for which our institution was created. As is deeply rooted in our DNA, we do not only listen—we execute and convert aspiration into action,”
The event also featured the signing of the agreement for US$2.5-billion facility underwritten by Afreximbank as part of a US$4-billion senior syndicated term loan in favour of Dangote Petroleum Refinery and Petrochemicals FZE.
ENDS
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2025, Afreximbank’s total assets and contingencies stood at over US$48.5 billion, and its shareholder funds amounted to US$8.4 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
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