Africa’s richest man, Aliko Dangote, has increased his investment commitment to industrialize the continent by 20 percent to $60 billion by the end of the decade, as he begins construction of a major fuel storage and pipeline project in Namibia. The revised target raises his previous $50 billion pledge as his industrial group accelerates expansion across African markets.

Dangote announced the increased commitment Wednesday, Nov. 4, 2026, during the groundbreaking ceremony for a $2.5 billion petroleum storage and pipeline project near Walvis Bay, Namibia, according to Bloomberg. The development will include a fuel depot and a 1,700-kilometer pipeline extending through Botswana and South Africa, strengthening petroleum distribution across southern Africa.

Dangote puts capital behind expansion

Speaking after the groundbreaking ceremony, Dangote said his industrial conglomerate, Dangote Industries Ltd., was backing its continental ambitions with actual investments rather than declarations. He indicated that the company was preparing an even larger investment drive for the following five years, expressing confidence that other investors would join its efforts.

“We also put our money on the table — it’s not just about saying things,” Dangote told reporters in Walvis Bay. “From 2030 to 2035, we’re rolling out an even bigger one, and I’m sure others will join us,” he said, outlining his ambitions beyond the current investment cycle.

Namibia project targets cheaper fuel

The Namibia development forms part of Dangote Industries’ strategy to build petroleum distribution infrastructure closer to major African markets. Dangote said the investment would help landlocked countries access petroleum products at lower costs by reducing transportation expenses and improving the efficiency of regional supply routes.

“We want to heavily invest so that most of the landlocked countries will be able to access petroleum products at a cheaper price,” he said. The proposed storage facility will have capacity for approximately four million barrels, including 360 million liters of diesel and 240 million liters of gasoline.

Construction of the storage facility is expected to take no more than 18 months, while the pipeline will extend approximately 1,700 kilometers through Botswana and South Africa. The infrastructure is expected to improve Namibia’s energy security, support regional trade and give mining companies and fuel distributors more efficient access to petroleum supplies.

$45 billion industrial expansion

The Namibia project adds to a broader $45 billion investment program across Dangote Industries, which is targeting $100 billion in annual revenue by 2030. The conglomerate is expanding beyond cement into petroleum refining, petrochemicals, fertilizer, sugar and other industrial businesses, with an adjusted EBITDA target of $30 billion.

Dangote’s southern African ambitions follow a separate push into East Africa. Last month, the billionaire announced plans to invest $1.5 billion in Kenya Pipeline Co. to expand its regional distribution network, following his acquisition of a 25 percent stake valued at more than $315 million in the state-linked petroleum transporter.

The proposed investment would expand Kenya Pipeline’s existing 800-mile network and improve refined petroleum distribution to five landlocked neighboring countries. Dangote said the upgraded infrastructure would accelerate regional fuel deliveries, although his team has yet to disclose the financing structure or provide a timetable for the expansion.

Lamu refinery strengthens downstream ambitions

The Kenyan pipeline investment complements Dangote’s proposed $16 billion refinery project in Lamu, where he broke ground alongside President William Ruto on Sept. 30. Targeted to begin commercial operations by 2030, the proposed facility will have processing capacity of 700,000 barrels per day, positioning it among Africa’s largest refining projects.

The Lamu project mirrors the scale of Dangote’s $20 billion refinery outside Lagos, which has a processing capacity of 650,000 barrels per day. Together, the projects and pipeline investments signal an effort to build an integrated business spanning refining, storage and distribution, reducing Africa’s reliance on imported fuel while extending Dangote’s industrial reach.