Nigeria: Dangote Eyes $35bn Annual Profit By 2030, to Invest $8bn in LNG Plant
[This Day] Abuja -- The Dangote Group has unveiled more details of its 'Vision 2030', targeting over $115 billion in group turnover and $35 billion in annual profit by 2030, anchored on nearly $50 billion in new investments across Africa.
Nigeria's Dangote Group is planning an $8 billion investment in a 13-MTPA Liquefied Natural Gas (LNG) plant, as part of its ambitious Vision 2030 strategy. The plan aims to achieve a $35 billion annual profit by 2030, with the LNG project being the only new venture not already in operation. The group has already invested nearly $50 billion in African projects, which will be expanded with the new LNG facility and an East Africa refinery in Lamu, Kenya.
Kenyan President William Ruto confirmed his attendance at the Lamu refinery groundbreaking, which will generate about 1,000 megawatts of power and supply 500MW to the Kenyan government. Five of Africa's eight invited presidents have confirmed their presence at the event, with Kenya securing the necessary land and clearing bureaucratic hurdles to expedite the process.
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