Aliko Dangote, The Richest Black Man In The World, Details $5B India Partnership As He Expands Oil, Petrochemicals, And Fertilizer Empire – AfroTech
Aliko Dangote, the richest Black man in the world, is looking to expand his business into India.
In a recent conversation with Business Today’s Riddhima Bhatnagar, Dangote, the Nigerian billionaire industrialist, founder, and president of Dangote Group, explained why India has become a crucial partner in powering the next generation of large-scale projects for his company.
Dangote’s Long Bet On India
In the interview, Dangote discussed his relationship with India spans two decades, underpinning many of his most significant industrial ventures.
“Our dealings with Indian companies actually go back to 2003,” he said, recalling the early expansion of his cement business. That partnership evolved into today’s megaprojects, including his refinery and petrochemical operations.
He noted that companies such as Engineers India Ltd. (EIL) have been central to that growth.
“We used EIL … and they did a very very great job,” he said.
Dangote added that his refinery sourced over $2.5 billion worth of equipment from Indian companies, with around 10,000 workers involved in fabrication and installation.
Looking ahead, Dangote expects India to benefit even more from upcoming projects.
“Within a period of maybe 18 months to 20 months maximum … India has an opportunity to have something like $5 billion-plus in terms of publication, in terms of the equipment, in terms of steel structures, in terms of shipping,” he said. “This $5 billion will create quite a lot of jobs.”
Scaling Energy Capacity
Dangote is also expanding his flagship multi-billion-dollar refinery, which is being upgraded to 1.4 million barrels per day, as AFROTECH™ previously reported, a scale he says positions it among the world’s most efficient operations.
“This will make us one of the lowest-cost refiners in the world because of the scale,” he said in the interview.
Dangote highlighted Africa’s heavy reliance on imported gasoline and diesel, underscoring the continent’s importance for his refinery’s output.
“All African countries are importers with no exception,” he said. “We want to domesticate Africa as our market.”
Beyond the continent, he sees significant opportunity in aviation fuel, spurred by surging global aircraft orders.
“The jet fuel business will continue to grow … The aircrafts ordered by India alone is about 589 aircrafts; you see Emirates, about 530 aircrafts; you see Saudi Arabia, about 380 aircrafts; even Ethiopia, 156 aircrafts. The backlog of orders are there, the demand is there,” he said.
Despite global uncertainty, Dangote explained that the refinery’s diversified product mix provides a buffer against volatility. Jet fuel exports will mainly target the U.S., Europe, and Latin America, while gasoline and diesel will remain focused on African markets.
Fertilizer And Future Growth
Dangote is also expanding his fertilizer operations, as AFROTECH™ previously reported. The initiative is intended to strengthen food security in Africa by ensuring timely access to critical inputs.
“There will be a total transformation of the agricultural sector in Africa,” he said, stressing the importance of timely availability. “We want to make sure that no African country will be short on supply of fertilizer.”
India, one of the world’s largest urea consumers, is another key market. With shipping times from Nigeria estimated at 30–35 days, Dangote said in the interview that the company is positioning itself as a top supplier to India.
“We want to be a supplier of choice, not only to Africa, but also to India,” he said.
He also referenced previous U.S. tariffs on fertilizer, which imposed a 15% duty but were later removed following pushback from American farmers.
“We are very very confident about our quality. If any company will not be able to sell its products, it will not be us,” he stated.
Looking forward, Dangote sees growing opportunities for collaboration with Indian partners in sectors like mining, data centers, and other emerging industries.
“We are the natural partners,” he said. “Indian companies want to establish businesses in Africa, and we are ready to support that.”
Vision 2030
Dangote Group is advancing toward its ambitious “Vision 2030” goal of becoming a $100 billion revenue company by 2030. To young entrepreneurs, Dangote offered simple yet firm guidance:
“Do what you know best and be very focused and resilient. Life is not that easy, and things don’t come that easy. But, if you are determined to do things, you will be able to do them. You should not have fear of delivering anything. Nothing is impossible,” Dangote said, noting that this mindset enabled Dangote Group to deliver the world’s largest single-train refinery, even during COVID-19.
