Dangote Targets $40 Billion Investment in Africa Expansion Drive

The Dangote Group will need at least $40 billion of investment to fund a growth drive over the next five years that includes quadrupling fertilizer output and more than doubling its oil refinery capacity, the African Export-Import Bank said.

The expansion plan comes as supply disruptions spawned by the conflict in the Persian Gulf strain global fuel and fertilizer supply chains, exposing vulnerabilities for import-dependent economies in Africa. Dangote’s planned capacity increase may help position Nigeria as a regional anchor for the supply of both energy and crop nutrients.