Africa’s wealthiest man, Aliko Dangote, is taking major steps to expand his industrial empire with the proposed development of Nigeria’s largest and deepest seaport in Olokola, Ogun State.
The billionaire businessman and President of the Dangote Group has officially submitted applications to the Nigerian authorities, seeking approval to begin construction on a new Atlantic seaport. The site lies roughly 100 kilometers from his Lagos-based fertilizer and refinery complexes and is expected to significantly boost export logistics.
In an exclusive interview with Bloomberg in Lagos, Dangote confirmed the paperwork was filed in late June. He said the goal is to create a world-class shipping hub that would not only serve his conglomerate’s growing needs but also inspire broader private sector participation.
“It’s not that we want to do everything by ourselves,” Dangote stated, “but I think doing this will encourage other entrepreneurs to come into it.”
The Olokola port project revives a previous initiative Dangote abandoned years ago due to unresolved issues with local authorities. Sources close to the matter confirm that the disagreements have now been resolved under new leadership in the state, clearing the way for renewed investment.
Once completed, the seaport is expected to rival existing ports in Lagos, including the Chinese-backed Lekki Deep Sea Port, which began operations in 2023. The facility will also be key to Dangote’s export strategy for products such as urea, ammonia, and potentially liquefied natural gas (LNG).
Currently, Dangote relies on a private jetty near his refinery site for shipping fertilizer and receiving large equipment. The new Olokola port will dramatically scale up capacity, linking seamlessly with other aspects of the group’s logistics and distribution systems.
Devakumar Edwin, Vice President of Dangote Group, added that the company is also preparing to enter the LNG export market in a big way. The plan includes building pipelines from the gas-rich Niger Delta to Lagos, enabling larger volumes of gas transport and processing.
“We want to do a major project to bring more gas than what NLNG is doing today,” Edwin said, referencing Nigeria LNG Ltd., the country’s primary LNG exporter and a joint venture between the federal government and global oil majors Shell, Eni, and TotalEnergies.
Natural gas already powers Dangote’s fertilizer operations, serving as a feedstock for hydrogen and ammonia production.
In addition to the port and LNG initiatives, Dangote is set to roll out nationwide fuel distribution in August using a fleet of 4,000 gas-powered trucks. Though this move has stirred some concerns over market dominance, the industrialist has publicly rejected accusations of monopolistic intentions.
With a net worth currently estimated at $27.8 billion by the Bloomberg Billionaires Index, Dangote continues to hold significant influence across various sectors in Africa from cement and sugar to petrochemicals and now, maritime infrastructure.
