By Chibuzor Alli
Dangote Group is targeting $100bn in annual revenue by 2030 as it pushes ahead with a $45bn expansion programme, with Dangote Cement expected to play a major role in funding the group’s next phase of growth.
The Dangote $45bn expansion strategy is built around increasing industrial capacity while using internally generated cash to support investment.
Dangote Cement, the group’s largest cash-generating business, plans to increase production capacity from 55 million tonnes per annum to more than 80 million tonnes as part of what the company describes as “disciplined, self-funded growth whilst delivering on yield.”
Dangote Cement drives $45bn expansion
The cement business enters the expansion phase with strong cash conversion and returns on capital.
According to the company’s September 2026 capital-markets presentation on Monday, cash conversion stood at 89 per cent in the 12 months to June 2026, while return on capital employed reached 68 per cent.
Revenue rose to $3.1bn during the 12 months to June 2026, representing a 22 per cent year-on-year increase.
Adjusted EBITDA also recorded a 50 per cent compound annual growth rate between 2023 and 2025, compared with a 40 per cent revenue CAGR over the same period.
The figures provide the financial foundation for Dangote Cement’s expansion, as the company seeks to increase capacity while continuing to deliver returns to shareholders.
The company reported a five per cent dividend yield for the 12 months to June 2026, while its dividend grew at a 22 per cent CAGR between 2023 and 2025.
Cement capacity to rise above 80Mta
Dangote Cement’s growth strategy is also described as capital-light, with its existing production assets and logistics infrastructure providing a platform for expansion beyond conventional cement.
The company plans to move into cement-related businesses including aggregates, mortars, dry mixes and ready-mix concrete or precast products.
Its African footprint is another key part of the strategy.
Dangote Cement operates across 11 countries, sells into 25 countries and has 55Mta of installed capacity.
The company recorded three million tonnes of export sales in 2025, while 34 clinker shipments were dispatched from Nigeria to Ghana, Cameroon, Côte d’Ivoire and a third-party customer in Gabon.
Nigeria remains key to Dangote Cement revenue
Nigeria accounted for 69 per cent of FY2025 revenue, while West Africa contributed 13 per cent, East Africa 12 per cent and Southern Africa eight per cent.
The company said the geographic figures did not total 100 per cent because of intercompany transactions.
Dangote Cement’s revenue has also increased significantly at the presentation’s consistent exchange rate, rising from $1.5bn in 2023 to $2.4bn in 2024 and $2.9bn in 2025.
Revenue subsequently reached $3.1bn in the 12 months to June 2026.
The company’s resource and logistics base is also expected to support the expansion.
Dangote Cement has about 4.2 billion tonnes of limestone reserves with an estimated 80-year mine life. Its flagship Obajana plant has 16Mta of installed capacity and about 1.0 billion tonnes of limestone reserves.
$45bn Dangote investment plan spans multiple industries
Beyond cement, the Dangote $45bn expansion programme covers several industrial businesses, including refining and petrochemicals, fertiliser, sugar and other operations.
At group level, Dangote is targeting $30bn in adjusted EBITDA by 2030 alongside its $100bn revenue objective.
For investors, the focus will be on how efficiently Dangote converts its existing operations into cash and uses those returns to fund further expansion.
The next phase will test whether the company can maintain its current levels of cash generation and capital efficiency as cement capacity moves beyond 80Mta and the wider Dangote Group executes its $45bn investment programme.
“DCP is a differentiated opportunity to invest in Africa’s generational build-out. It is the right platform to capture structural trends that will drive Africa’s build-out and the cement demand shift,” the company said.
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