Nigeria: Dangote Eyes $35bn Annual Profit By 2030, to Invest $8bn in LNG Plant

What the report says

Dangote Group has outlined a longer-term expansion plan it calls “Vision 2030,” saying it is aiming for more than $115 billion in group turnover and $35 billion in annual profit by 2030. According to This Day, which reported the details from Abuja and Lagos, the strategy is built on nearly $50 billion in new investments across Africa, with existing operations and future projects expected to support the funding.

The plan includes an $8 billion liquefied natural gas plant with capacity of 13 million metric tons per annum, along with a new refinery in Lamu, Kenya. Aliko Dangote presented the update during Kenyan President William Ruto’s visit to the Dangote Petroleum Refinery and Petrochemicals Complex in Ibeju-Lekki, Lagos, ahead of a planned groundbreaking for the Kenyan project. The article said the Lamu refinery would be developed in partnership with the Kenyan government.

Dangote officials said the wider roadmap also covers port, gas, power, mining and upstream oil investments, while internal cash flow and debt commitments are expected to help finance the expansion. The company is also pursuing a refinery initial public offering in Nigeria, which it says could be among the largest in African market history.

The initiative matters because it signals one of Africa’s biggest private-sector industrial expansion plans and highlights Dangote’s push to deepen refining and energy infrastructure across the continent. The article also noted that Kenyan authorities see the Lamu project as part of a broader effort to build industrial capacity and create technical jobs, although the full commercial outcome remains ahead.