L–R: Group Executive Director, Logistics & Distribution, Dangote Industries Limited, Abdu Dantata; Group Vice President, Oil & Gas and Fertiliser, Dangote Industries Limited, Devakumar Edwin; Group President/Chief Executive, Dangote Industries Limited, Aliko Dangote; and President of the Republic of Namibia, H.E. Dr Netumbo Nandi-Ndaitwah, unveiling the commemorative plaque during the official launch of the Dangote Namibia Tank Farm and Regional Pipeline Project at Farm 58, Walvis Bay, Namibia, on Wednesday, 4 November 2026.
…Elombi hails Dangote’s integrity, conviction and execution record, says bank can finance his projects and sleep peacefully
…Namibia declares Dangote an investment ambassador, says $2.5bn project will attract more African investors
President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Dr George Elombi, has given a remarkable endorsement of President and Chief Executive of Dangote Industries Limited, Aliko Dangote, declaring that the industrialist’s integrity, credibility and proven execution capacity give the bank the confidence to put funds behind his projects without concerns over their delivery or repayment.
In an unusually emphatic expression of confidence, Elombi said Dangote had established himself as the kind of industrialist to whom a financial institution could entrust billions of dollars and sleep peacefully, knowing that the investments would be executed and the funds repaid. Speaking at the official launch of the $2.5 billion Dangote Namibia Tank Farm and Regional Pipeline Project in Walvis Bay, Namibia, the Afreximbank President said the Group’s longstanding relationship with the bank was built on three principles: trust, execution and conviction.
“We have no difficulty putting $10 billion on the table for him because the money would not be lost. We know the projects would be done, and with time, as an institution, we would be repaid,” Elombi declared.
He described Dangote Industries Limited as an exceptional financing partner whose record of delivering complex industrial projects had earned the confidence of the continental development finance institution.
“He is one of those clients … whom you give the money to, Your Excellency, and you go to sleep so that you can take care of the other clients,” Elombi said, drawing attention to the level of confidence the Group had established through its business dealings. “You don’t need a recovery unit. Trust is everything. For us as bankers, trust is at the core of it,” he added.
Elombi explained that Afreximbank’s confidence in Dangote extended beyond financial performance to his determination to transform Africa’s industrial landscape. According to him, Dangote could have retired to enjoy the wealth generated by his businesses but had instead continued to undertake ambitious industrial investments because of his conviction that Africa must develop its own productive capacity. He said this sense of responsibility, shared by Dangote and his family, reflected Afreximbank’s own commitment to the continent’s economic advancement.
“The conviction is about what we want, how we want to be seen as Africans, and about preserving the dignity of Africans,” he stated.
Elombi further praised Dangote’s willingness to stake his reputation on major industrial investments, describing such conviction as essential to achieving Africa’s economic sovereignty. He stressed that the bank’s support was anchored in the Group’s demonstrated ability to translate ambitious investment proposals into tangible projects.
The Afreximbank President also assured Namibia’s President, Dr Netumbo Nandi-Ndaitwah, that the institution was prepared to extend similar support to other credible African investors identified by her government.
“Here in Namibia, on that basis, we would accompany the Dangote Group, and we would accompany such other promoters that you think are worthy of the trust,” he said.
Elombi maintained that Afreximbank’s fundamental purpose was to support Africa’s development rather than function solely as a conventional commercial lender. He urged African governments to identify their development priorities and work with the bank to mobilise financing and attract entrepreneurs capable of executing transformative projects.
“The money is there. We don’t have the expertise, but the Dangote Group has the expertise,” he said.
Meanwhile, the Namibian government has declared that Dangote’s $2.5 billion investment will serve as a catalyst for attracting more African businesses to the country, describing the industrialist as an ambassador for investment promotion.
Director-General of Namibia’s National Planning Commission, Ambassador Dr Kaire Mbuende, said Dangote’s decision to invest in Namibia had reinforced President Nandi-Ndaitwah’s belief in the ability of African entrepreneurs to develop the continent.
“By so doing, you have become an ambassador for investment promotion in Namibia. Many more businesses will follow because of the confidence that you have demonstrated in our country,” Mbuende declared.
He said the progress of the investment reflected the President’s determination to attract major African businesses and provide the institutional support necessary for their success. According to him, the government had worked closely with relevant ministries, agencies and public institutions to address implementation challenges and facilitate the project’s development.
“This milestone was achieved because of the determination of our President to attract African businesspeople to invest in Namibia and to provide the necessary support to make such investments succeed,” he said.
Referring to Dangote’s description of the petroleum infrastructure project as the first course of a broader investment relationship, he remarked: “As you said, Mr Dangote, this is just the first course, and we are waiting for the main course.”
The project comprises a proposed 600-million-litre petroleum tank farm and an approximately 1,700-kilometre regional pipeline network designed to strengthen petroleum supply and distribution across Southern Africa. The planned pipeline will extend from Walvis Bay towards Otjiwarongo, with connections towards Rundu, Ghanzi and Francistown in Botswana. The wider distribution network is intended to serve Botswana, Zambia, Zimbabwe, Malawi and the southern Democratic Republic of Congo. Mbuende said the investment would enhance energy security, strengthen regional supply chains, stimulate trade and logistics, create employment and reinforce Walvis Bay’s position as a strategic regional energy hub.
He also called for stronger implementation of the African Continental Free Trade Area and the Pan-African Payment and Settlement System, stressing that African businesses should increasingly have access to financing from continental institutions in local currencies. Describing the project as an African solution to African challenges, Mbuende said the continent’s pursuit of economic sovereignty would depend on political leadership, indigenous enterprise and effective collaboration with African financial institutions.
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