Tanzanian billionaire Mohammed Dewji is expanding his industrial group into critical minerals, with MeTL Group preparing to develop a graphite processing facility as the company seeks to capture more value from Africa’s natural resources.

Dewji, chief executive officer of MeTL Group, said the company expects to commission a graphite processing plant in Tanzania within the next year, with an annual production capacity of about 50,000 tonnes at around 95% purity.

He disclosed the plan during his keynote address at the Standard Bank Africa Unlocked 2026 conference in Cape Town, where business leaders, investors and policymakers discussed ways to accelerate trade and industrial growth across the continent.

Africa targets mineral value

Graphite, a key material used in electric vehicle batteries, energy storage systems, renewable energy technologies and advanced manufacturing, has become one of the minerals attracting global attention as countries seek alternatives to traditional supply chains.

Dewji said Africa’s opportunity goes beyond extracting raw materials, arguing that local processing is essential to creating jobs, developing skills and keeping more economic value on the continent.

“Within the next year, we expect to commission a processing plant capable of producing approximately 50,000 tonnes of graphite annually at around 95% purity,” Dewji said.

“Our medium- to long-term ambition is to invest approximately a quarter of a billion dollars ($250 million) to produce 99.5% battery-grade graphite, creating significantly greater value here in Africa while supplying global markets.”

Africa holds about 24% of the world’s known natural graphite reserves, according to the African Development Bank, making the continent an increasingly important player in the global graphite supply chain.

Madagascar, Mozambique and Tanzania are among Africa’s leading graphite producers, while several other countries are advancing exploration projects aimed at meeting rising demand.

Dewji targets Africa’s mineral future

Dewji said Africa has historically exported raw commodities while importing finished products, limiting the economic benefits generated from its resources.

“Every time we export raw commodities without processing them, we also export jobs, skills, technology and economic value,” he said. “Today, the world is paying renewed attention to Africa’s critical minerals. Some have called it a new scramble for African resources. This time, Africa must write a different story.”

The graphite investment represents another expansion move for MeTL Group, one of East Africa’s largest privately owned companies.

MeTL expands beyond manufacturing

Headquartered in Dar es Salaam, the company operates across 11 African countries, with businesses spanning agriculture, energy, manufacturing, textiles, trading, logistics and financial services. MeTL employs thousands of people and generates more than $2 billion in annual revenue, with the company aiming to exceed $3 billion in recent revenues.

Dewji, who has led MeTL since 2005, has transformed the company from a trading business into a diversified industrial group focused on manufacturing and consumer markets across Sub-Saharan Africa.

Dewji’s next investment phase

The graphite project adds to Dewji’s broader investment interests, which include manufacturing, energy and infrastructure. He has previously expressed interest in investing $100 million in Aliko Dangote’s proposed oil refinery project in Kenya as part of efforts to expand industrial capacity in East Africa.

Dewji, popularly known as “Mo,” is ranked by Forbes as one of Africa’s billionaires, with an estimated net worth of about $2.1 billion.

His latest move reflects a wider push by African business leaders to invest in sectors linked to global demand, including critical minerals, renewable energy and industrial production.

The Standard Bank Africa Unlocked conference, now in its third year, brings together more than 140 business executives, policymakers, investors and entrepreneurs under the theme “Built in Africa: Amplifying Continental Growth,” focusing on investment, innovation and private-sector-led development across Africa.