Africa’s richest man unveils new $2.5 bn project (PHOTOS)

The investment includes a 600-million-liter storage facility in Namibia and a pipeline to supply neighboring countries

Nigerian billionaire Aliko Dangote has launched a $2.5 billion fuel storage and pipeline project in Namibia aimed at supplying petroleum products across Southern Africa. 

Namibian President Netumbo Nandi-Ndaitwah officially unveiled the project on Wednesday at Farm 58 in Walvis Bay. The proposed investment includes a petroleum storage facility with a capacity of 600 million liters and a pipeline network spanning approximately 1,700 km, according to a statement published by the Namibian presidency on Facebook.

The infrastructure is intended to improve fuel distribution and serve landlocked markets in the region, including Botswana, Zimbabwe, and Zambia, with a possible extension to the Democratic Republic of the Congo.

Nandi-Ndaitwah said discussions about the investment began during her first meeting with Dangote in June 2025. The leader called for local businesses to participate in the development, emphasizing job creation, skills training, and opportunities for young Namibians. “As Africans, we are beginning to believe in ourselves,” Nandi-Ndaitwah said.

Dangote, chairman and chief executive of Dangote Group, pledged to deliver the project and expressed interest in expanding his company’s investments into other sectors of Namibia’s economy.

“Africa must industrialize Africa,” he stressed.

Dangote said the project would be completed within 18 to 20 months, with eight times the capacity of Namibia’s existing 75-million-liter Namcor facility, according to Reuters.

The project forms part of Dangote’s broader expansion across the continent. His company operates Africa’s largest oil refinery near Lagos, Nigeria, which began commercial operations in 2024 and has a capacity of 700,000 barrels per day.

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In September, Dangote launched a $1.6 billion public share offering to support plans to double the refinery’s capacity to 1.4 million barrels per day by 2030. The expansion is part of a $14.3 billion investment program.

The businessman has also expanded into East Africa. In October, he acquired approximately 25% of Kenya Pipeline Company for $335 million and announced plans to invest another $1.5 billion in its network.