Africa’s Richest Man Unveils Plans to Expand Into Steel, Power, and Ports in New Industrial Push
Africa’s richest man and President of the Dangote Group, Aliko Dangote, has unveiled fresh plans to expand into steel production, electricity generation, and port development, as he pushes forward a broader strategy to accelerate industrialisation across the continent.
Dangote had earlier disclosed plans to establish a large-scale steel manufacturing company, signalling his intention to reduce Africa’s dependence on imported industrial materials and strengthen local production capacity.
In a recent interview with The New York Times, he said oil refining represents just one phase of a much bigger vision.
“We have to industrialise Africa,” Dangote stated, adding that his next priorities include building a competitive steel industry, improving access to reliable electricity, and developing additional port infrastructure to support large-scale manufacturing and trade.
The Dangote Group, which operates in 17 African countries across sectors such as cement, sugar, salt, fertiliser, and petrochemicals, said in a statement on Monday that its long-term ambition is to deepen Africa’s manufacturing base and position the continent as a global industrial force.
Dangote Cement Plc (DCP) just signed a $1 billion agreement with China’s Sinoma International Engineering to construct new plants and expand existing facilities across seven African countries.
Its flagship Dangote Petroleum Refinery & Petrochemicals, the largest single-train facility of its kind in the world, is currently producing approximately 650,000 barrels of refined products per day.
Dangote has already commenced a $12 billion expansion plan aimed at increasing capacity to 1.4 million barrels per day, alongside the addition of large-scale petrochemical production.
Output is expected to rise significantly over the next three years as expansion plans advance. Dangote also revealed plans to list the refinery on the Nigerian Exchange, a move aimed at broadening local investor participation.
Meanwhile, in a move seen as part of succession and continuity planning, Dangote recently appointed his daughters to senior leadership positions within the Dangote Group, reinforcing governance structures as the conglomerate enters its next phase of expansion.
