Dangote announces expansion to steel production, power generation

The President of Dangote Group, Aliko Dangote, has announced plans to expand into steel production, electricity generation, and port development as part of a broader ambition to accelerate industrialisation across Africa.

Dangote, whose conglomerate spans cement, sugar, salt, fertiliser, and petrochemicals, said his long-term goal is to deepen Africa’s manufacturing base beyond oil refining and position the continent as a global industrial force.

His latest flagship project, the Dangote Petroleum Refinery and Petrochemicals, is now operational and producing about 650,000 barrels of refined products daily, with the output expected to double within the next three years as expansion plans progress.

However, Dangote, in a recent interview with New York Times, stated that refining is only one phase of a larger vision.

“We have to industrialise Africa,” he said, noting that his next focus areas include the steel industry, expanding access to electricity, and building additional port infrastructure to support large scale manufacturing and trade.

The billionaire businessman cited India’s Tata Group as a model for diversified industrial expansion, describing the conglomerate’s multi sector footprint as an example of how large scale manufacturing can transform emerging economies.

Beyond expansion, Dangote said job creation remains central to his strategy.

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With Nigeria projected to require between 40 and 50 million new jobs by 2030, the business mogul stated that large scale industrial projects are essential to absorbing the country’s growing youth population.

Dangote also announced plans to list shares in the refinery on the Nigerian stock market, a move expected to broaden local participation in the asset.

Despite progress, he acknowledged that infrastructure gaps and crude supply challenges remain obstacles.

He, however, said the company would continue to invest aggressively in sectors that reduce import dependence and retain economic value within Africa.

“Nobody dared to do it, so we did it,” the businessman said, reiterating his belief that large scale private investment is key to transforming Nigeria’s industrial landscape.

The Star