Dangote Returns to Olokola with Plans for New Atlantic Seaport

Africa’s richest man, Aliko Dangote, is preparing to launch another multibillion-dollar infrastructure project—this time at Olokola in Ogun State, Nigeria.

According to a report by Bloomberg News, the President of the Dangote Group has submitted an application to establish a new Atlantic seaport near his existing fertiliser and refinery operations, in a move aimed at boosting exports, including liquefied natural gas (LNG).

The proposed port will not only complement the logistics operations of his industrial empire but is also expected to compete with existing seaport facilities in Lagos, including the Lekki Deep Sea Port, which was inaugurated in 2023 with Chinese backing.

Dangote’s Vice President, Devakumar Edwin, revealed in an interview with Bloomberg that the company plans to construct pipelines from Nigeria’s gas-rich Niger Delta to facilitate LNG exports from Lagos. “We want to do a major project to bring more gas than what NLNG is doing today,” Edwin stated, referencing Nigeria LNG Ltd., the country’s leading LNG exporter and a joint venture between the Nigerian government and energy majors Shell, Eni, and TotalEnergies.

The proposed Olokola port would be strategically located approximately 100 kilometers from Dangote’s fertiliser and petrochemical facilities in Lagos, enabling easier movement of exports like urea, fertiliser, and LNG. Currently, the company relies on a private jetty for its export needs and to receive heavy refinery equipment.

Bloomberg noted that this development marks Dangote’s return to Olokola, a site he previously abandoned due to regulatory and political challenges. Those tensions have since eased under a new state administration, clearing the path for renewed investment.

Speaking with Bloomberg, Dangote said the plan is to build “the biggest, deepest port in Nigeria,” with the necessary documentation submitted in late June. “It’s not that we want to do everything by ourselves, but I think doing this will encourage other entrepreneurs to come into it,” he added.

In addition to LNG infrastructure, Dangote is expanding fuel distribution operations. Starting in August, his conglomerate plans to deploy a fleet of 4,000 gas-powered trucks to supply petroleum products to local retailers. The move has drawn criticism from some quarters, accusing the industrialist of trying to monopolize Nigeria’s oil distribution sector—an allegation he denies.

Already a major player in Africa’s industrial landscape, Dangote Group’s portfolio includes cement production, sugar refining, and one of the world’s largest fertiliser plants. The company uses natural gas from the Niger Delta as feedstock for hydrogen production at its fertiliser facility, where hydrogen is a key ingredient in ammonia, which is in turn essential for producing crop nutrients.

As of the latest Bloomberg Billionaires Index, Aliko Dangote’s net worth stands at $27.8 billion