Africa’s richest man Aliko Dangote bets on steel, power, ports expansion  

Africa’s richest man, Aliko Dangote, is widening his industrial push beyond oil refining, setting his sights on steel production, electricity generation and port development. 

The president of Dangote Group said the expansion is part of a broader plan to strengthen Africa’s manufacturing base and cut the continent’s reliance on imports. 

Dangote’s businesses already span cement, sugar, salt, fertiliser and petrochemicals. His latest venture, the Dangote Petroleum Refinery & Petrochemicals, is producing about 650,000 barrels of refined products a day. He said output could rise over the next three years as additional units come on stream. 

In an interview, Dangote described refining as only one step in a longer journey. “We have to industrialise Africa,” he said, adding that steel, power and ports are critical to that effort.

Steel, power, ports drive jobs

Industry analysts say a move into steel would place the group in a sector vital to housing, transport and heavy industry. Expanding electricity supply and port capacity could also ease two longstanding barriers to growth in Nigeria: unreliable power and congested logistics. 

Dangote pointed to Tata Group as an example of how a diversified industrial company can help reshape an emerging economy. 

At home, he argues that industrial scale matters. Nigeria is projected to need tens of millions of new jobs by the end of the decade to keep pace with its growing population. Large factories and infrastructure projects, he said, can help absorb that demand. 

The refinery complex employs about 30,000 people, roughly 80% of them Nigerians. As new projects take shape, total employment across the group could climb to about 65,000, according to the company. 

Dangote also plans to list the refinery on the Nigerian stock exchange, opening the door for local investors to take a stake in one of the country’s largest industrial assets.

Dangote flags crude, logistics hurdles

The expansion comes with hurdles. Dangote has spoken publicly about crude supply constraints and logistical snags that complicate operations. Infrastructure gaps across the oil value chain, he said, can disrupt feedstock deliveries. 

Even so, he maintains that private capital must play a leading role in reshaping Nigeria’s economy. “Nobody dared to do it, so we did it,” Dangote said. 

According to the company, the refinery is expected to supply up to 65 million liters of petrol a day, more than Nigeria’s current domestic needs, creating room for exports. 

With cement plants operating in several African countries and refining capacity coming on stream in Lagos, Dangote’s next investments in steel, electricity and ports mark a new chapter in his campaign to build heavy industry on the continent.

Dangote’s net worth is about $32.7 billion. His push into steel, power and ports marks another phase in a decades-long effort to build industrial capacity in Nigeria and across the continent.