Dangote Invests $2.5bn In Namibia, Raises African Investment To $60bn

Dangote Industries Limited has increased its investment ambition towards 2030 from $50 billion to $60 billion, signalling plans to expand its industrial footprint across Africa.

President and chief executive of the Group, Aliko Dangote, announced the new target at the launch of its $2.5 billion investment in petroleum storage and a regional pipeline in Walvis Bay, Namibia, yesterday.

He described the Namibia project as only the beginning of a much larger investment partnership with the country.

“What we are launching today represents an investment of $2.5 billion, but Namibia deserves much more. Give us more opportunities. We want to invest more. We want to do more with your government,” Dangote declared.

“This is the first course. We do not want to launch this project and go away,” he said.

Dangote said “The $2.5 billion investment would cover petroleum storage, pipeline infrastructure and associated distribution facilities. The proposed tank farm would occupy approximately 70 hectares at Farm 58, about 10 kilometres east of Walvis Bay, with storage capacity for 360 million litres of diesel and 240 million litres of petrol.

“The planned pipeline will extend from Walvis Bay towards Otjiwarongo, with connections towards Rundu, Ghanzi and Francistown in Botswana. The wider distribution network is intended to serve Botswana, Zambia, Zimbabwe, Malawi and the southern Democratic Republic of Congo. He explained that the final alignment and length would be determined through detailed engineering studies, route surveys and regulatory approvals.”

He expressed confidence that the investment would reduce transportation costs, strengthen petroleum supply reliability and improve fuel affordability across the region.

“When we invest in the pipeline, it is not simply because we want to make money. We want to invest heavily so that landlocked countries can access petroleum products at cheaper prices,” he said.

Dangote said the investment formed part of a wider continental strategy to establish interconnected centres of production, storage and distribution, citing the Group’s 700,000-barrel-per-day refinery and petrochemicals complex in Lamu, Kenya, alongside major fertiliser and petroleum infrastructure investments in Ethiopia and Djibouti.

“Africa must industrialise Africa. Our continent has the resources, the markets, the talent and the entrepreneurial capacity to build the infrastructure it needs,” he declared.

He reaffirmed commitment to environmental protection, safety, transparency, local procurement and community engagement, stressing opportunities for Namibian contractors, transporters, professionals and small businesses.

President of Namibia, Dr Netumbo Nandi-Ndaitwah, hailed the launch as a historic milestone and the most memorable day of her presidency.

“Today, this is the most memorable day of my presidency,” she said, describing Dangote as a son of African soil whose investment showed African entrepreneurs could drive the continent’s transformation.

She said she had placed the project under the Office of the President to ensure timely implementation, drawing lessons from opportunities lost to administrative delays.

She said the project aligned with Namibia’s Sixth National Development Plan and the objectives of AfCFTA and Agenda 2063.

“The African people cannot continue to live in poverty when our continent is so richly endowed with natural resources,” she said.

She urged local businesses to build capacity and emphasised skills transfer for Namibian workers.

Governor of Erongo Region, Dr Nathalia ǀGoagoses, welcomed the investment as strategic for positioning the region as a gateway for trade and integration.

“We recognise the significance of this investment and look forward to a mutually beneficial partnership. Sustainable development can only be achieved through strong partnerships, collaboration and a shared vision,” she said.