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President and Chief Executive of Dangote Group, Aliko Dangote, has announced plans to invest an additional $50 billion across Africa, urging the continent to mobilise its own capital and build businesses capable of competing on a global scale. 

Dangote made the disclosure in Nairobi, Kenya, during an investor engagement organised by the Nairobi Securities Exchange ahead of the groundbreaking of the Dangote East Africa Petroleum Refinery and Petrochemicals project in Lamu.

The fresh commitment comes after Dangote Group invested more than $25 billion in existing businesses. Dangote said the next phase of expansion would focus on large-scale industrial investments while creating greater opportunities for Africans to own businesses through capital markets. 

He argued that Africa must move beyond small-scale investments if it wants to compete effectively in the global economy, stressing the importance of mobilising African capital alongside international investment.

Dangote also pointed to the planned Lamu refinery as part of the Group’s broader continental expansion. The facility is expected to have a processing capacity of 700,000 barrels of crude oil per day and is projected to create about 60,000 jobs. 

He further called for greater local processing of Africa’s raw materials, saying the continent should retain more of the jobs and economic value generated from its resources rather than exporting raw materials and importing finished products.

The announcement comes as Dangote Group continues to expand its industrial footprint across Africa, with the company targeting large-scale operations in sectors including petroleum refining, fertiliser, cement and infrastructure.