Africa's wealth builder: oil, fertilizers, cement

Dangote Group, owned by Nigerian billionaire Aliko Dangote, aims to increase its annual revenues from $20 billion currently to $100 billion by 2030. This plan is based on three main pillars: developing a massive oil refinery near Lagos, expanding fertilizer production, and developing cement operations, which have been the primary source of liquidity. The plan requires an investment of $40 billion, to be financed through listing the refinery on the stock exchange, selling stakes in fertilizer businesses, expanding cement operations, and securing investments from international markets. The company's efforts include improving oil production, targeting a refinery output of 700,000 barrels per day, with a plan to double that to 1.4 million barrels, following delays and challenges in obtaining crude oil due to disagreements with local producers. Additionally, the group is expanding in the fertilizer industry through a $7 billion investment to increase urea production, benefiting from natural gas and the needs of African agriculture. Meanwhile, its expansion in the cement sector continues with the goal of raising production capacity from 55 million to 80 million tons by 2030.

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