Aliko Dangote, President of Dangote Group, has raised his investment target for Africa’s industrialisation from $50 billion to $60 billion by 2030, signalling an expansion of the conglomerate’s ambitions in energy and infrastructure across the continent.
Dangote announced the revised target on Wednesday, November 4, 2026, during the groundbreaking ceremony for a $2.5 billion fuel storage and pipeline project near Walvis Bay, Namibia, according to Bloomberg.
The project, which will include a large petroleum storage facility and a 1,700-kilometre pipeline extending through Botswana and South Africa, is designed to improve fuel distribution across southern Africa, particularly in landlocked countries.
Speaking at the event, Dangote said the group’s expansion plans were backed by actual investments rather than promises.
“We also put our money on the table – it’s not just about saying things,” he told reporters in Walvis Bay.
He added that the group was already considering a more ambitious investment programme for the period between 2030 and 2035, expressing confidence that other investors would join the initiative.
The revised $60 billion target represents a 20 per cent increase on Dangote’s earlier commitment to invest $50 billion in Africa by the end of the decade.
The proposed fuel storage and pipeline infrastructure is expected to strengthen Namibia’s position as a regional petroleum distribution hub while improving access to fuel for neighbouring countries.
Dangote said the project would help reduce the cost of supplying petroleum products to landlocked markets by bringing fuel closer to consumers and industrial centres.
“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 storage facility is expected to have a capacity of approximately four million barrels. Its planned infrastructure includes 360 million litres for diesel and 240 million litres for petrol.
Dangote said construction of the storage facility would take no more than 18 months.
The accompanying pipeline will stretch approximately 1,700 kilometres through Botswana and South Africa, creating additional routes for moving petroleum products across the region.
Beyond improving fuel availability, the project could support regional trade, reduce transportation bottlenecks and lower energy costs for businesses, particularly in mining and other fuel-intensive industries.
The investment also comes as African countries seek to strengthen energy security and reduce their exposure to supply disruptions and volatile international markets.
For landlocked economies, access to reliable fuel distribution infrastructure is particularly important because long-distance transportation and dependence on neighbouring ports can increase supply costs.
The Namibia investment forms part of a wider expansion strategy that is taking Dangote Group beyond its traditional Nigerian market.
The group has announced more than $35 billion in infrastructure investments this year, representing a substantial portion of its original $50 billion Africa investment target.
A major component of the programme is the planned expansion of the Dangote Petroleum Refinery in Lagos from its current capacity of 650,000 barrels per day to 1.4 million barrels per day within three years.
The refinery expansion is expected to increase the group’s capacity to supply refined petroleum products to Nigeria and other African markets.
Dangote also announced plans in October to develop a wider petroleum distribution network across Africa, supported by investments in pipelines, storage facilities and strategic supply corridors.
The group is targeting markets across East, Central and Southern Africa, where inadequate infrastructure and logistical constraints continue to affect the movement of petroleum products.
The strategy reflects a shift from simply producing refined products to building the infrastructure required to distribute them across the continent.
