Africa’s richest man Aliko Dangote is pursuing a $45 billion investment program across his pan-African industrial group, Dangote Industries Limited, targeting $100 billion in annual revenue by 2030. Dangote Cement, the group’s biggest cash generator, is central to the plan, with internally generated cash expected to fund much of its next expansion phase.

Cement drives expansion

Dangote Cement plans to lift production capacity from 55 million tonnes a year to more than 80 million tonnes. The company describes the strategy as “disciplined, self-funded growth whilst delivering on yield,” underscoring its focus on expanding without sacrificing returns to shareholders.

The cement maker’s financial performance provides the foundation for that strategy. Cash conversion was 89 percent in the 12 months through June 2026, while return on capital employed reached 68 percent, according to its September 2026 capital-markets presentation. Revenue rose 22 percent year over year to $3.1 billion.

Stronger cash, higher returns

Adjusted EBITDA grew at a 50 percent compound annual rate between 2023 and 2025, compared with 40 percent revenue growth over the same period. Dangote Cement also reported a 5 percent dividend yield for the 12 months through June, while its dividend grew at a 22 percent compound annual rate from 2023 to 2025.

The expansion is designed to extend beyond traditional cement production. Dangote Cement plans to develop cement-based businesses including aggregates, mortars, dry mixes and ready-mix concrete or precast products, using its existing plants, distribution network and logistics infrastructure as the platform.

Africa provides growth base

The company operates across 11 countries, sells into 25 and has 55 million tonnes of installed capacity. Export sales reached 3 million tonnes in 2025, with 34 clinker shipments sent from Nigeria to Ghana, Cameroon, Côte d’Ivoire and a third-party customer in Gabon.

Nigeria generated 69 percent of fiscal 2025 revenue, followed by West Africa at 13 percent, East Africa at 12 percent and Southern Africa at 8 percent. Dangote Cement said the figures did not add to 100 percent because of intercompany transactions, highlighting the scale of its cross-border operations.

Reserves back capacity

Revenue, measured at the presentation’s consistent exchange rate, climbed from $1.5 billion in 2023 to $2.4 billion in 2024 and $2.9 billion in 2025, reaching $3.1 billion in the 12 months through June 2026.

Dangote Cement also has a large resource base behind its expansion plans, with about 4.2 billion tonnes of limestone reserves and an estimated 80-year mine life. Its Obajana plant has 16 million tonnes of installed capacity and about 1 billion tonnes of limestone reserves.

$45 billion group bet

At group level, Dangote’s $45 billion investment program extends beyond cement into refining and petrochemicals, fertilizer, sugar and other industrial businesses. Dangote Industries Limited is targeting $30 billion in adjusted EBITDA by 2030 alongside its $100 billion revenue goal.

For investors, the central question is how efficiently Dangote Cement can convert its existing operations into cash while deploying capital for expansion. The company’s next test will be sustaining cash generation and capital efficiency as capacity moves beyond 80 million tonnes and the wider group executes its investment program.