Nigeria’s Dangote says Egypt to be part of planned $50 bln investment

Dangote Group’s President Aliko Dangote said on Thursday he was sure Egypt would be part of the Nigerian conglomerate’s planned $50 billion investment programme aimed at industrialising Africa.

“I’m sure Egypt will be part of that investment,” Dangote told an event hosted by the Egyptian Exchange (EGX), where he was a special guest.

Dangote outlined a strategy focused on processing more of Africa’s natural resources locally, building globally competitive businesses, and reducing reliance on imported finished goods.

“If we don’t, as Africans, industrialise our continent, nobody else is going to,” Dangote said.

He said the group had developed a 10-year vision to expand its industrial footprint and enable African countries to capture more value from their natural resources through local processing and manufacturing.

The group’s plans span petroleum refining, fertilisers, cement, energy, and mining, to create jobs and strengthen Africa’s industrial base.

Dangote also highlighted the importance of reliable, competitively priced electricity and supporting infrastructure in reducing production costs and enabling industrial expansion.

The group is targeting annual revenue of at least $100 billion by 2030 and expects to exceed that goal, Dangote said. He added that the investment programme would be financed through a combination of internally generated cash flow, equity, and potential borrowing, without providing a breakdown of the planned spending.

The meeting brought together officials from the Nigerian Exchange Group and the African Export-Import Bank, reflecting efforts to strengthen investment links and capital flows across African markets.

Dangote did not announce specific projects in Egypt or disclose how much of the planned investment could be directed to the country.