Alhaji Aliko Dangote, president of the Dangote Group, announced plans to transform his conglomerate into a $100 billion enterprise by 2030 during the Afreximbank Legacy Conference in Cairo. The vision includes doubling refinery production to cut fuel prices by up to 50 percent and boosting Africa's self-sufficiency in energy and manufacturing. The announcement coincided with the investiture of Dr. George Elombi as Afreximbank's new president.
At the Afreximbank Legacy Conference in Cairo, Egypt, on October 25, 2025, Alhaji Aliko Dangote unveiled an ambitious expansion plan for the Dangote Group, currently valued at over $30 billion. The conglomerate, with interests in cement, sugar, salt, fertiliser, and the world's largest single-train refinery, aims to double production across segments, including refining, to reduce energy costs continent-wide. Dangote, whose net worth stands at $30.2 billion, emphasized consolidation, industrial expansion, and cross-border investments to enhance Africa's self-sufficiency in energy, manufacturing, and infrastructure.
"Our ambition is not just to build factories, but to build Africa’s capacity to feed, power, and industrialise itself. By 2030, the Dangote Group will be a $100 billion organisation driven by innovation, integration, and impact," Dangote stated. He highlighted plans to slash petroleum product prices by up to 50 percent through expanded refinery output, reducing reliance on imported fuels and boosting regional competitiveness.
The event marked the investiture of Dr. George Elombi as Afreximbank's president, succeeding Professor Benedict Oramah after a decade of leadership. Dangote praised Elombi's 30-plus years with the bank, including crisis responses during COVID-19, and expressed confidence in ongoing partnerships. "Your leadership commitment will indeed help Africa to stop exporting jobs and importing poverty. Our vision 2030 plan in Dangote Group is to become a $100 billion organisation in the next five years," he said.
Nigeria's Finance Minister Wale Edun described the transition as a "renewed era," while African Union Deputy Chairperson Selma Malika Haddadi urged deepened collaboration. Elombi outlined a seven-point agenda to grow Afreximbank's assets from $44 billion to $250 billion over the next decade, focusing on intra-African trade, job creation, infrastructure, and digital innovation. Leaders commended Dangote's role in creating thousands of jobs and transforming Nigeria's industries, amid calls for scaled investments aligned with the African Continental Free Trade Area.