Nigerian billionaire Aliko Dangote has launched a $2.5 billion petroleum storage and regional pipeline project in Walvis Bay, Namibia, alongside President Dr Netumbo Nandi-Ndaitwah, while raising his Africa-wide investment ambition towards 2030 to $60 billion.
Nigerian industrialist Aliko Dangote has unveiled a $2.5 billion petroleum storage and regional pipeline project in Walvis Bay, Namibia, according to THISDAYLIVE. Business Insider Africa noted that the oil facility is intended to function as a primary junction for a pipeline system engineered to supply petroleum products throughout the fuel-import-reliant region of Southern Africa.
President of Namibia Dr Netumbo Nandi-Ndaitwah described the initiative as a historic milestone for African industrialisation.
Speaking at the official launch, she commended the project, noting that the development aligns with Namibia’s Sixth National Development Plan and the objectives of the African Continental Free Trade Area. Namibia’s Erongo Regional Governor, Dr Nathalia ǀGoagoses, also expressed her support for the initiative, calling it an investment that will increase the nation’s role as a hub for economic integration, trade, and investment.
Today, this is the most memorable day of my presidency,
Dr Netumbo Nandi-Ndaitwah, President of Namibia
Namibian Prime Minister Elijah Ngurare also called the N$41.6 billion development a gamechanger for the country in remarks posted to his social media accounts, as detailed by Billionaires.
Ngurare described it as a remarkable demonstration of what visionary leadership, political commitment and investor confidence can achieve.
According to reporting from Billionaires, the investment was tied to the South-South cooperation pushed at the Commonwealth Heads of Government Meeting in Antigua and Barbuda, as well as the energy security, industrialization, and job creation goals of Namibia’s Sixth National Development Plan.
The infrastructure project comprises a proposed petroleum storage facility alongside an approximately 1,700-kilometre regional pipeline network, according to Daily Trust. Dangote disclosed that the facility near Walvis Bay will hold 360 million litres of diesel and 240 million litres of petrol, with construction expected to take 18 to 20 months as reported by Legit News.
As the most recent of his continental petro-ventures, this $2.5 billion Walvis Bay tank farm offers an additional distribution channel for output from his 650,000-barrel-per-day refinery in Lagos, which began operations in 2024 and has been extending its market presence beyond Nigeria and the West African region.
When we invest in the pipeline, it is not simply because we want to make money. We want to invest heavily so that landlocked countries can access petroleum products at cheaper prices.
Aliko Dangote, President and Chief Executive of Dangote Industries Limited
During the groundbreaking ceremony, Dangote revealed that the group had lifted its 2030 investment goal from $50 billion to $60 billion, indicating intentions to broaden its industrial reach across the continent, as reported by LEADERSHIP Newspapers. Nairametrics noted that this commitment represents a 20 percent increase in the conglomerate’s original target for Africa by the end of the decade.
Dangote further recognized the support provided by the African Export-Import Bank (Afreximbank), specifically mentioning the role of its President and Chairman of the Board of Directors, Dr George Elombi, in backing significant industrial ventures throughout Africa.