Africa’s wealthiest man, Aliko Dangote, who also ranks as the world’s richest Black person, is putting his money where his mouth is. The Nigerian billionaire is betting that Africa’s largest refinery, the continent’s biggest cement producer, and his rapidly expanding fertilizer operations will drive a fivefold expansion of his business empire, taking its total valuation to $100 billion by the turn of the decade.

At present, the Dangote Group generates roughly $20 billion in annual revenue. But that figure is expected to surge to $80 billion within three years before hitting the $100 billion milestone by 2030, according to Fatima Dangote, the group executive director for oil and gas. Her remarks offer a rare look into the private conglomerate’s financial roadmap.

The aggressive push comes as global markets grapple with turmoil. The US war against Iran and the effective closure of the Strait of Hormuz have sent energy and crop nutrient prices soaring worldwide. Those market disruptions have worked to the advantage of Dangote’s underlying assets. According to the Bloomberg Billionaires Index, his net worth has climbed 17 percent this year to a record high of $35 billion, cementing his standing as the richest person in Africa and the wealthiest Black person in the world.

Dangote targets $40 billion expansion, London listing

Executing the group’s expansion plan will require about $40 billion in new investment. To finance the spending, Dangote plans what could become Africa’s largest initial public offering through the listing of his refinery business, alongside the sale of a stake in his fertilizer unit and a secondary listing of his cement company on the London Stock Exchange. Fatima said the group is aligned behind its 2030 target, describing the milestone as the beginning of a broader phase of expansion rather than the end of its long-term growth plans.

This structural push coincides with a major transition in executive leadership across the conglomerate. While Aliko Dangote remains active as chairman, his three daughters are taking direct charge of core operations. Fatima leads commercial operations in the oil and gas division; Mariya is deeply involved in driving growth strategy for the cement business; and Halima oversees the family office operations out of Dubai.

Refinery expansion target: 1.4 million barrels daily

At the heart of the corporate expansion is the group’s flagship oil refinery. The 700,000-barrels-per-day facility reached full operating capacity weeks before the U.S.-Israeli conflict with Iran began on Feb. 28, highlighting its role as an alternative fuel supply source outside the Middle East and strengthening Dangote’s appeal to domestic and international investors. The company is already working to double the Lagos refinery’s capacity by 2028. It has also agreed to develop a similar refinery in Lamu, Kenya, a $17 billion project expected to take about five years to complete.

Fertilizer is quickly becoming another core engine of earnings. The group is doubling its current plant capacity in Lagos to 6 million tons annually while simultaneously constructing a separate production complex in Ethiopia. Combined, these developments will bring the group’s total fertilizer output to 12 million tons a year, securing Dangote’s place among the world’s top producers of urea by tapping directly into Nigeria’s deep natural gas reserves.

Meanwhile, cement remains the reliable engine that provides cash flow across the group. Dangote Cement Plc currently maintains an installed production capacity of 55 million tons annually across 11 plants operating in 10 African countries. To keep pace with demand, the group previously outlined a $1 billion investment program aimed at pushing total cement capacity to 80 million tons a year by 2030. In a distinct departure from previous operational phases, Dangote’s major industrial assets are entering commercial production simultaneously, enabling the billionaire to accelerate his path toward the target.

Strategic expansion beyond core energy assets

Beyond energy, building materials, and agriculture, the billionaire’s holdings include two additional publicly traded units: Dangote Sugar Refinery Plc and salt maker NASCON Allied Industries Plc. The group also holds a controlling stake in Peugeot Automobile Nigeria, which assembles passenger vehicles, alongside diversified investments across shipping, port terminals, power generation, mining, and real estate.

Reaching the ambitious financial targets will not be without hurdles. Dangote must maintain consistent access to capital markets amid persistent geopolitical tensions, foreign exchange volatility across key African markets, and unpredictable global energy shifts. Securing steady supplies of domestic and international crude to feed the doubling of his refining capacity remains an ongoing operational requirement that his team has worked to address in past operational cycles.

To ensure the next growth chapter is fully funded, the group is courting institutional investors across Africa, the Middle East, and major Western markets through private equity sales and public market offerings. As Halima Dangote pointed out regarding the group’s market position, the company already stands as an African giant that continues to draw strong attention from both local and international investors looking for long-term industrial scale on the continent.