Nigeria’s Dangote Group is exploring opportunities to expand its industrial investments in Egypt, with potential partnerships spanning oil refining, petrochemicals, fertilizers, and other sectors, as the conglomerate seeks to strengthen its presence across Africa, according to a statement by the Cabinet.

The plans were discussed during a visit by an Egyptian delegation, led by Minister of Investment and Foreign Trade Mohamed Farid, to the Dangote Industrial Complex in Lagos, Nigeria. The delegation met with Aliko Dangote, Chairman and CEO of Dangote Group, and senior company executives to examine potential investment opportunities, industrial partnerships, and ways to expand production capacity.

Farid said the visit aimed to translate economic and diplomatic engagement between Egypt and Nigeria into tangible investment opportunities. He highlighted the potential to combine Nigeria’s energy resources with Egypt’s established industrial base to develop cooperation in manufacturing, energy, petrochemicals, and fertilizers. The two countries have a combined market of approximately 400 million people, he added.

The minister also clarified that potential cooperation would not be limited to establishing an oil refinery, pointing to several sectors in which Egyptian and Nigerian companies could combine their capabilities, expand industrial production, and generate economic value.

Representatives of the Ministry of Petroleum and Mineral Resources highlighted Egypt’s potential as a destination for investment in value-added industries, particularly refining and petrochemicals. They cited the country’s geographical position and infrastructure, including ports, storage facilities, and petroleum-product transportation and handling capabilities, as factors that could support industrial projects and exports to regional and international markets.

The delegation also highlighted opportunities to use advanced technologies to produce petroleum products for the domestic market and export markets, including Europe.

Dangote reaffirmed the group’s commitment to expanding its investments across Africa and supporting industrialization and economic development on the continent. He described the visit as an opportunity to showcase the group’s industrial operations and explore areas of cooperation that could strengthen production and industrial capabilities in both countries.

The Egyptian delegation included representatives from the Ministry of Petroleum and Mineral Resources, the Egyptian General Petroleum Corporation (EGPC), the Egyptian Petrochemicals Holding Company (ECHEM), the General Authority for Investment and Free Zones (GAFI), and the Sovereign Fund of Egypt.

Dangote Group operates the largest refinery in Africa, located in Lagos with a capacity of 700,000 barrels per day (bbl/d).

The group’s scale was underscored by the recent initial public offering (IPO) of its Nigerian refinery, which sought to raise $1.6 billion, making it one of Africa’s largest share offerings. The IPO attracted approximately $4.77 billion in orders, nearly three times the amount offered, and is expected to support the refinery’s planned expansion from 700,000 to 1.4 million barrels per day by 2029.