Nigerian billionaire Aliko Dangote is considering investing between $10 billion and $15 billion in Egypt, with oil refining and petrochemicals expected to lead the proposed expansion.
Dangote said his initial investment plan stood at about $10 billion but could exceed $15 billion, depending on the outcome of discussions with Egyptian officials. He described the talks as positive and said he wanted Egypt to become a major exporter of refined petroleum products rather than rely mainly on imports.
He also plans to meet Egypt’s investment minister to identify specific projects for the Dangote Group.
The Egyptian government has expressed interest in establishing a long-term strategic partnership with the conglomerate. At an event held at the Egyptian Exchange headquarters in Cairo on 15 October, Mohamed Awad, chief executive of the General Authority for Investment and Free Zones, conveyed the government’s desire to deepen investment ties with major African businesses.
Egyptian Exchange chairman Omar Radwan also said the exchange was examining the introduction of Egyptian depositary receipts linked to Dangote Group companies. The arrangement would allow Egyptian investors to hold shares through the local market. Both sides agreed to discuss the proposal further.
Dangote has pursued a similar shift in Nigeria, where his refinery near Lagos began processing crude oil in 2024. The facility, described as the world’s largest single-train refinery, recently reached a record capacity of 700,000 barrels per day and now exports fuel to West African countries and other markets.
Meanwhile, Dangote Petroleum Refinery and Petrochemicals FZE is offering 4.1 billion shares at ₦525 each, aiming to raise about ₦2.15 trillion, equivalent to $1.6 billion. The offer could reach $2.1 billion and is scheduled to close on 27 October 2026. Dangote said subscriptions had exceeded the target by more than three or four times.
Kenya, Botswana and Ethiopia have established arrangements to help their investors participate, while Egypt is considering a similar option.
The proposed Egyptian investment forms part of Dangote’s wider ambition to generate $100 billion in annual revenue by 2030 and commit up to $50 billion to industrial projects across Africa.
His plans include a 530-kilometre subsea gas pipeline, up to 10,000 megawatts of power generation, expanded fertiliser and polyethylene production, a linear alkylbenzene plant and cement capacity of 100 million tonnes annually.
Dangote discussed potential investments in energy, fertiliser and cement with Egyptian President Abdel Fattah el-Sisi on 3 October. A major commitment would mark the group’s biggest expansion into North Africa.
