Dangote Begins Talks To Invest in Africa's 2nd Largest Economy After Nigeria, Kenya
- Nigerian billionaire Aliko Dangote held talks with Egypt's investment minister in Lagos over a potential $10–$15 billion investment
- The proposed investment targets Egypt's oil refining and petrochemicals sector
- The move falls under Dangote's Vision 2030 plan, which targets $100 billion in annual revenue by the end of the decade
PAY ATTENTION: Find it fast with our new search feature at Legit.ng!
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Aliko Dangote, Nigeria's wealthiest businessman, is in talks with Egyptian authorities over a potential investment of between $10 billion and $15 billion, focusing on oil refining and petrochemicals.
The discussions gained momentum after Egypt's Minister of Investment and Foreign Trade, Mohamed Farid Saleh, visited Dangote Industries Limited's headquarters in Lagos on Sunday alongside senior government and industry officials.
Source: UGC
Dangote described the meeting as an opportunity to strengthen industrial cooperation and economic ties between African countries.
The billionaire said last month that the initial investment in Egypt could reach $10 billion, with the total potentially exceeding $15 billion, depending on the outcome of negotiations.
The final scale and structure of the proposed investment are still under discussion.
Egypt courts Dangote Group
Egyptian authorities had indicated their interest in partnering with Dangote Group before the Lagos meeting, BusinessDay reports.
On October 15, Mohamed Awad, chief executive of Egypt's General Authority for Investment and Free Zones, conveyed the government's interest in a strategic partnership with the Nigerian conglomerate at an event in Cairo.
Awad, representing Minister Farid, said Egypt wanted to strengthen investment relations with major African businesses.
The proposed investment would expand Dangote Group's operations beyond its existing businesses in cement, sugar, flour, fertiliser and petroleum refining.
Dangote's $100bn Vision 2030 plan
The proposed Egyptian investment is part of Dangote Group's Vision 2030 strategy, which targets annual revenue of $100 billion by the end of the decade.
The conglomerate plans to invest up to $50 billion in industrial projects across Africa, financed through internally generated funds, equity and debt.
Its investment pipeline includes a proposed 530-kilometre subsea gas pipeline, up to 10,000 megawatts of power generation capacity and a linear alkylbenzene plant with an annual capacity of 400,000 metric tonnes.
Source: Getty Images
The group also plans to expand urea fertiliser and polyethene production, while Dangote Cement is targeting annual production capacity of 100 million tonnes, the Sun reports.
The projects remain subject to financing, negotiations and execution.
Kenya 700,000 barrels daily refinery
In a related development, Legit.ng reported that Dangote Group is preparing to break ground on another multibillion-dollar refinery, with the groundbreaking ceremony for its planned East Africa Oil Refinery in Lamu, Kenya, scheduled for September 30, 2026.
The ambitious project, backed by Nigerian billionaire Aliko Dangote, is designed to process up to 700,000 barrels of crude oil per day, potentially making it one of Africa’s largest refineries when completed.
Kenyan authorities are already making final security, protocol and logistical preparations for the ceremony, which President William Ruto is expected to lead.
Source: Legit.ng
