Aliko Dangote, President of Dangote Group, has increased his investment target for Africa’s industrialisation from $50 billion to $60 billion by 2030, as he expands his energy infrastructure footprint across the continent.
According to Bloomberg, the billionaire 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.
The investment, which includes a fuel storage facility and a 1,700-kilometre pipeline running through Botswana and South Africa, is expected to strengthen petroleum supply across southern Africa and improve access to fuel in landlocked countries.
Dangote backs continental expansion with investments
Speaking at the event, Dangote said the group was backing its continental expansion ambitions with actual investments rather than commitments alone.
- “We also put our money on the table — it’s not just about saying things,” he told reporters in Walvis Bay, Namibia, after opening the site of a planned fuel depot in the country.
- “From 2030 to 2035, we’re rolling out an even bigger one, and I’m sure others will join us,” he added.
The latest commitment represents a 20% increase in Dangote’s original $50 billion investment target for Africa by the end of the decade.
Namibia project targets cheaper fuel supply
The new fuel storage facility forms part of Dangote Group’s broader plan to develop petroleum distribution infrastructure across Africa.
Dangote said the project would help reduce fuel supply costs for landlocked countries by bringing petroleum products closer to their markets.
- “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 proposed infrastructure will include approximately four million barrels of storage capacity, comprising 360 million litres for diesel and 240 million litres for gasoline.
Dangote said construction of the storage facility would take no more than 18 months.
The pipeline component will extend approximately 1,700 kilometres through neighbouring Botswana and South Africa, potentially opening up more efficient fuel distribution routes across the region.
The project is also expected to strengthen Namibia’s energy security and support regional trade and industrial development.
Namibia, with a population of approximately three million, is among African countries seeking to strengthen energy supply resilience amid concerns about potential fuel shortages following the US-Israeli war with Iran.
The proposed infrastructure could also increase competition among fuel distributors, particularly in mining areas where transporting petroleum products over long distances has traditionally increased operating costs.
Dangote expands refinery and energy investments across Africa
The Namibia project is part of an aggressive continental expansion strategy by Dangote Group, which has announced more than $35 billion worth of infrastructure investments this year.
- These projects represent nearly three-quarters of its original $50 billion investment target for Africa by 2030.
- A major component of the expansion is the planned increase in the capacity of the Dangote Petroleum Refinery in Lagos from its current 650,000 barrels per day to 1.4 million barrels per day within three years.
- Earlier in October, Dangote unveiled plans to establish an extensive petroleum distribution network across Africa, backed by investments in pipelines, storage facilities and strategic supply corridors.
Dangote said the Group was expanding its petroleum distribution infrastructure across East, Central and Southern Africa to address supply challenges, reduce logistical bottlenecks and strengthen the continent’s energy security.
