Dangote Group is betting on internally generated cash to drive a $45bn expansion programme aimed at growing annual revenue to $100bn by 2030, with Dangote Cement at the centre of the strategy.

The group’s largest cash-generating business plans to increase cement production capacity from 55 million tonnes per annum (Mta) to more than 80Mta under a strategy focused on “disciplined, self-funded growth whilst delivering on yield.”

Dangote Cement reported an 89 per cent cash conversion rate and 68 per cent return on capital employed in the 12 months to June 2026, according to its September 2026 capital-markets presentation.

Revenue rose 22 per cent year-on-year to $3.1bn during the period, while adjusted EBITDA recorded a 50 per cent compound annual growth rate between 2023 and 2025, ahead of the 40 per cent revenue CAGR over the same period.

The strong financial performance provides the platform for the company’s expansion while maintaining shareholder returns. Dangote Cement reported a five per cent dividend yield in the 12 months to June 2026, with dividends growing at a 22 per cent CAGR between 2023 and 2025.

The company is also pursuing growth beyond traditional cement through cement-related businesses, including aggregates, mortars, dry mixes, ready-mix concrete and precast products.

Its African footprint remains central to the strategy. Dangote Cement operates in 11 countries, sells across 25 markets and has 55Mta of installed capacity. It recorded three million tonnes of export sales in 2025, including clinker shipments from Nigeria to Ghana, Cameroon, Côte d’Ivoire and Gabon.

Nigeria accounted for 69 per cent of FY2025 revenue, followed by West Africa at 13 per cent, East Africa at 12 per cent and Southern Africa at eight per cent.

At a consistent exchange rate, revenue increased from $1.5bn in 2023 to $2.4bn in 2024 and $2.9bn in 2025, before reaching $3.1bn in the 12 months to June 2026.

Dangote Cement also has significant resource and logistics assets to support its expansion, including about 4.2 billion tonnes of limestone reserves with an estimated 80-year mine life. Its Obajana plant alone has 16Mta of installed capacity and about one billion tonnes of limestone reserves.

Beyond cement, Dangote Group’s $45bn investment programme covers refining and petrochemicals, fertiliser, sugar and other industrial ventures. The conglomerate is targeting $30bn in adjusted EBITDA alongside its $100bn revenue goal by 2030.

The key test for investors will be whether Dangote can sustain its strong cash generation and capital efficiency while scaling cement capacity beyond 80Mta and executing the wider group’s ambitious expansion programme.

“DCP is a differentiated opportunity to invest in Africa’s generational build-out,” the company said, citing structural trends expected to drive construction activity and cement demand across the continent.