Africa’s richest man, Aliko Dangote’s industrial and manufacturing conglomerate, Dangote Industries Limited, is targeting $36 billion in revenue in 2026 after generating about $17 billion in the first half, putting the group on track to double the $18 billion it recorded in 2025. The forecast reflects its expansion across manufacturing, energy and infrastructure.

Growth accelerates across businesses

Aliyu Suleiman, chief strategy officer of Dangote Group, disclosed the figures during a media briefing at the Dangote Petroleum Refinery in Lagos while hosting Kenyan President William Ruto. Ruto toured the 700,000-barrels-per-day refinery as Kenya advances plans for a similar facility in Lamu.

Suleiman said revenue growth is being driven by diversification into refining, fertilizer, sugar, cement and upstream oil production. The group’s 2026 target represents a 100% increase from last year, while first-half revenue already covers almost half of the full-year goal and gives the company a strong start to its expansion plans.

$50 billion invested since 2020

Dangote Group spent about $50 billion on capital projects between 2020 and 2025, Suleiman said, adding that it plans to invest twice that amount over the next five years. The spending is central to its Vision 2030 strategy, which aims to deepen the group’s industrial footprint across Africa.

The expansion spans refining, ports, gas infrastructure, liquefied natural gas, upstream oil and gas, power and mining. Suleiman said the planned Kenyan refinery will be a key part of the group’s longer-term ambition to build a $100 billion business, while opportunities already identified could ultimately take the group beyond that target.

Kenya refinery moves ahead

Dangote Group is preparing to develop a 700,000-barrels-per-day refinery and petrochemical plant in Lamu at an estimated cost of $17 billion. Kenya has scheduled the groundbreaking for Sept. 30, with Ruto expected to lead the ceremony. Engineers India Ltd. has signed a contract worth more than $450 million to manage engineering and project services.

Dangote is also planning to expand its Nigerian refinery from 700,000 barrels per day to about 1.4 million barrels per day by adding a 750,000-barrels-per-day crude distillation unit. Nigeria’s refined petroleum exports to Europe averaged 130,000 barrels per day in the second quarter, up from 15,000 in 2023, according to the U.S. Energy Information Administration.