Dangote Group Targets $35 Billion Profit by 2030

The Dangote Group has announced its ambitious ‘Vision 2030’, targeting over $115 billion in group turnover and $35 billion in annual profit by 2030, supported by nearly $50 billion in new investments across Africa. This plan includes an $8 billion Liquefied Natural Gas (LNG) plant and a new refinery in Lamu, Kenya.

Alhaji Aliko Dangote, President and Group Chief Executive of Dangote Industries Limited, shared these details during a visit from Kenyan President Dr. Williams Ruto and his wife, Rachel, to the Dangote Petroleum Refinery and Petrochemicals Complex in Ibeju-Lekki, Lagos. The groundbreaking for the Lamu refinery, developed in partnership with the Kenyan government, is set for Wednesday.

The Dangote Group, which operates Africa’s largest cement producer and a significant refinery, aims to fund its $50 billion capital expenditure through revenues from existing assets and secured debt commitments. The Lamu facility will also feature a power plant generating about 1,000 megawatts.