Nigerian industrial conglomerate Dangote Group is seeking at least $40bn in fresh capital to fund an expansion programme intended to lift its annual turnover to $100bn by 2030.

The African Export-Import Bank (Afreximbank) said it has been named as a supporting financier.

The initiative spans two phases – 2025 to 2028, and 2028 to 2030 – and is designed to both deepen the group's existing operations and move it into new industries.

The bulk of the planned capacity growth centres on the group's petroleum and fertiliser businesses.

Output at the Dangote Petroleum Refinery is targeted to rise from 650,000 barrels per day (bpd) to 1.4 million bpd, while fertiliser production is earmarked to grow fourfold – from three million tonnes per annum to 12 million tonnes.

The bank said in its press statement that meeting this target would make Dangote the world’s largest urea fertiliser producer.

“Our partnership with Afreximbank is more than financial support; it is about a shared dream for the continent," said Dangote Industries Limited president and CEO Aliko Dangote.

“When we set out to build a 650,000 barrel-per-day refinery – the largest of its kind in Africa – the bank believed in our vision when others were sceptical. Without their leadership and trust, the development of the African continent would not be where it is today,” he added.

Cement, rice, and broader food production are also included within the expansion scope, alongside a set of sectors the group has not previously operated in.

These include ports, pipelines, gas, mining, data centres, and power generation.

The mining component is specifically framed around semi-processed and value-added mineral exports.

Afreximbank president and board chairman George Elombi said the discussions underscored a clear alignment of priorities around ending Africa’s dependency and ensuring the continent’s resources are developed and deployed in ways that directly benefit its people.