Omanghana
Aliko Dangote has reaffirmed plans to grow Dangote Group’s annual revenue to at least $100 billion by 2030, with Egypt expected to feature in a $50 billion investment program aimed at expanding industrial production across Africa.
Speaking at an Egyptian Exchange event in Cairo on Thursday, October 15, the Nigerian billionaire expressed confidence that the conglomerate would surpass its revenue target. He said the expansion would priorities local manufacturing, increase the processing of African raw materials and reduce dependence on imported finished products.
The investment program covers petroleum refining, fertilizers, cement, energy and mining. Dangote said funding would come from internally generated cash, equity and potential borrowing, although he did not provide a detailed financing breakdown.
He also stressed that reliable electricity and adequate infrastructure would be essential to lowering manufacturing costs and making African businesses more competitive.
Ahram Online reported that the group was considering investments of between $10 billion and $15 billion in Egypt. However, no project-by-project allocation or implementation timetable accompanied that figure, while other coverage of the event did not identify a specific Egyptian investment commitment.
According to Business Insider Africa, Dangote’s proposals include a linear alkylbenzene plant in Egypt with an annual capacity of 400,000 metric tones. He described the proposed facility, which would produce a key material used in detergent manufacturing, as the largest of its kind globally.
The group’s wider African expansion plans also include a 530-kilometre subsea gas pipeline and power projects capable of generating up to 10,000 megawatts. In construction materials, Dangote aims to increase annual cement production capacity to 100 million metric tones by 2030.
The Cairo engagement also opened discussions about giving Egyptian investors access to shares in Dangote companies, including the refinery. Egyptian Exchange Chairman Omar Radwan said the bourse was examining Egyptian depositary receipts as a mechanism for local investors to hold stakes in the group’s businesses.
The proposal remains under study, with no launch date announced. If implemented, it would create an additional route for Egyptian investors to participate in industrial investments elsewhere on the continent.
Meanwhile, the Dangote refinery’s initial public offering is seeking to raise $1.6 billion, with the potential to reach $2.1 billion through an over-allotment option. The subscription deadline has been extended to October 27 to support broader investor participation and efforts to improve access across African markets.
Source: Omanghana
