Africa’s richest man announces expansion from 3m to 12m tons of urea capacity
Chairman of the Dangote Group, Aliko Dangote, says the conglomerate is on track to become the world’s largest fertiliser producer by 2028, as the company prepares a major expansion of its urea output.
Dangote made the disclosure on Thursday while speaking at the Imo Economic Summit in Owerri, hosted by the Imo State Government.
The African billionaire said the group intends to scale up production capacity from its current 3 million tons to 12 million tons within the next three years, a move he believes will position Dangote Group at the top of the global fertiliser industry.
He urged both Nigerians and Africans to deepen investment on the continent, noting that sustainable growth starts with local commitment.
“Africans must invest at home because that is the best way to convince a foreign investor to invest in Africa,” he said. “There is no place like home. We are doubling our investment to reach 1.4 million barrels per day in our energy ventures.”
Dangote also applauded the policies of the President Bola Tinubu administration, while calling for increased investments in power generation to support industrial growth.
Africa Must Seize Its Moment — Gurib-Fakim
Addressing participants, former President of Mauritius Ameenah Gurib-Fakim said Africa must leverage its youthful population and vast mineral reserves, which account for about 30 percent of global deposits.
“It is time for Africa to take her destiny into her own hands,” she said.
The summit was declared open by President Bola Tinubu, represented by Vice President Kashim Shettima. Former UN Secretary-General Ban Ki-moon was also in attendance.
