Africa’s richest man Aliko Dangote advances $45 billion expansion with 10,000-hectare Nigerian port

Dangote Industries Limited, Africa’s most diversified manufacturing and industrial conglomerate led by Aliko Dangote has commenced early-stage work on a proposed deep-sea port at the Olokola Free Trade Zone in Ogun State, marking a further step in its push to widen its footprint in logistics, export handling and industrial infrastructure across Nigeria.

The project spans 10,000 hectares along the Atlantic coastline, extending through Ogun Waterside Local Government Area into parts of Ilaje in neighbouring Ondo State. Dangote Industries said the proposed port is expected to support large-scale cargo movement tied to its manufacturing, energy and fertilizer businesses. The facility is positioned as a major gateway for imports and exports, connecting industrial operations in Nigeria to regional and global markets. 

Dangote Industries said the development is part of its Vision 2030 plan, which sets out a broader effort to scale up production capacity, improve supply chains and strengthen export earnings. The company has described the Olokola site as a future logistics base for shipments of fertilizer, petrochemicals and refined products, with room for future expansion into gas-related exports and heavy industrial imports.

Port plan advances regional trade

As part of early engagement, Capt. Jamil Abubakar, managing director for infrastructure and logistics, led a delegation to host communities this week to begin consultations with local leaders. He said the project is intended to ease pressure on existing ports and improve trade flows across the region, while also supporting industrial activity linked to the group’s operations.

Community leaders in the area gave initial backing for the project. The Lenuwa of Ode-Omi, Oba Folailu Adekunle Hassan, welcomed the development and allowed survey and enumeration work to proceed, alongside discussions on compensation and land access. In Araromi Seaside Kingdom, the Alara, Oba Adeoloye Olawole, also expressed support for the plan, saying the community was prepared to cooperate as the project moves forward.

The delegation also met with the Nigerian Navy’s Forward Operating Base in Igbokoda, where officials indicated readiness to provide security support around the coastal corridor once construction begins. The planned port is expected to reduce congestion at Lagos ports, particularly Apapa and Tin Can Island, which have faced years of pressure from cargo traffic.

Dangote boosts Africa’s export ambitions

Beyond its logistics function, the project is tied to wider regional trade plans under the African Continental Free Trade Area, which aims to increase movement of goods across African borders. The group has positioned the port as part of a broader industrial network that could support jobs, attract suppliers and expand investment across the south-west region.

The development comes as Aliko Dangote outlined a wider expansion plan valued at about $45 billion across his industrial holdings, spanning energy, manufacturing and logistics. In a recent conversation with Nicolai Tangen, who manages Norway’s $2 trillion sovereign wealth fund, he said the group is targeting stronger revenue growth and higher earnings over the next several years, supported largely by internal cash flow and structured financing. 

Central to that plan is the ongoing expansion of the Dangote Petroleum Refinery in the Ibeju-Lekki Free Zone. Built at an estimated cost of $20 billion to $22 billion, the refinery currently processes 650,000 barrels per day, with plans to reach about 1.4 million barrels per day over the coming years. The facility is expected to play a central role in the group’s export strategy as crude supply sources widen across Africa and beyond.