Aliko Dangote reaffirms $30 billion revenue target amid U.S. tariff

Key Points

• Dangote Industries expects to generate $25 billion in revenue by 2025, with an additional $5 billion projected by 2026 across cement, refining, and fertilizer segments.
• The group’s $19 billion refinery remains unaffected by U.S. tariffs, while Dangote Fertilizer gains edge after Algeria faces steeper import duties.
• Cement output is projected to hit 62 million tons in 2025, positioning Dangote to overtake Egypt as Africa’s top cement exporter by 2026.

Aliko Dangote, Africa’s richest man, has reaffirmed his plans for his conglomerate to hit $30 billion in annual revenue by 2026. This comes as shifting U.S. trade policies under President Donald Trump continue to introduce uncertainty for global exporters.

Dangote’s conglomerate, Dangote Industries Ltd., which operates across petroleum refining, fertilizer, cement, and food processing, is on track to generate $25 billion in revenue next year. An additional $5 billion is expected by 2026, fueled by strong performance across its various industries.

Dangote charts growth as global trade landscape shifts

Despite concerns from global corporations over U.S. tariffs, Dangote’s businesses seem largely unaffected. The company’s flagship $19 billion Dangote Petroleum Refinery, with a capacity of 650,000 barrels per day, remains untouched by U.S. tariffs, as crude oil and gas exports are excluded from the adjustments.

However, Dangote Fertiliser, which began operations in 2022 and ships 37 percent of its 3 million metric tonnes of urea to the U.S., faced initial challenges when a 14 percent tariff was imposed on Nigerian imports.

Fortunately, the situation improved when Algeria faced a steeper 30 percent tariff, easing Dangote’s concerns. “Luckily for us, Algeria was slapped with a 30 percent tariff,” Dangote said at a recent investors’ conference in Lagos. “So it actually makes us a bit comfortable.”

Expanding cement dominance: Dangote targets continental lead

In addition to refining and fertiliser, Dangote’s cement division is ramping up production to become Africa’s top exporter. The company’s production capacity currently stands at 53 million tons, and Dangote expects that to reach 62 million tons by next year. 

“By next year, we will be at 62 million tons of cement. We will be number one,” Dangote said. The cement division’s revenue soared by 62 percent to N3.58 trillion ($2.4 billion) in 2024, and Dangote aims to surpass Egypt and claim the continent’s top spot in cement exports by 2026.

With its growing industrial footprint, Dangote’s total assets have reached $27.5 billion, according to the Bloomberg Billionaires Index, highlighting its increasing influence in Nigeria’s economy and across Africa’s industrial landscape.

Despite Dangote’s optimistic outlook, Nigeria’s broader trade prospects remain vulnerable to geopolitical shifts and its dependence on a narrow range of export categories, weaknesses that could be further exposed by Trump’s protectionist trade policies.

Aliko Dangote: Visionary resilience amid global uncertainty

With a net worth of $23.3 billion, Dangote remains Africa’s wealthiest individual. His strategic investments—balancing Nigeria’s evolving trade relations with expanding exports—demonstrate his ability to thrive amid uncertainty. Having built Africa’s largest petroleum refinery and becoming a leading global fertilizer producer, Dangote’s vision for growth is unwavering.

As Dangote continues to expand his industrial capacity and strengthen his presence in key markets, his ambitions are set to turn his company into a more diversified and valuable enterprise by 2026. His journey is cementing his role as a major force in unlocking Africa’s vast economic potential.