War Is Raising Inflation, but NVIDIA and Dangote Show Capital Is Still Building

NVIDIA has brought Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR into financing platforms designed to mobilize more than $500 billion for AI compute infrastructure.

Dangote’s Lagos refinery became Europe’s largest jet-fuel supplier in June and July as supply routes shifted during the Iran war.

The refinery is supplying Nigeria and export markets, and Dangote plans to raise Lagos capacity toward 1.4 million barrels a day. A second 700,000-bpd refinery is planned for Lamu, Kenya.

Energy costs remain high and the global growth outlook has weakened. NVIDIA is still raising money for compute infrastructure, and Dangote is still adding refining capacity.

NVIDIA Is Bringing Wall Street Into AI Infrastructure

NVIDIA’s new financing platforms include Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR.

The group is seeking to mobilize more than $500 billion from outside investors for AI factories and related projects.

NVIDIA says revenue from compute usage will support the financing model. The projects require large upfront spending and are expected to operate over long periods.

The IEA expects global data-centre electricity use to reach about 945 TWh by 2030, roughly twice today’s level.

The U.S. and China account for much of the projected increase, and data centres are expected to take a larger share of new U.S. electricity demand.

NVIDIA is extending its AI business into the financing of the facilities needed to run it.

Dangote Is Expanding Into a Refined-Fuel Supply Gap

Dangote’s Lagos refinery processed more than 700,000 barrels a day during a June performance test, above its 650,000-bpd nameplate capacity.

Its refined products are already reaching African markets, Europe, the United States and Saudi Arabia.

Dangote was Europe’s largest jet-fuel supplier in June and July as established supply routes were disrupted by the Iran war.

The refinery also raised $2.5 billion in a private placement led by Africa Finance Corporation. Demand for the placement reached 3.7 times the amount offered.

Management plans to raise Lagos capacity toward 1.4 million barrels a day by 2028.

Dangote is also planning a 700,000-bpd refinery in Lamu, Kenya. Site work has begun, with soil testing and engineering under way.

East Africa still imports much of its refined fuel. Dangote is preparing another large refinery in that market.

NVIDIA and Dangote Show Where Global Infrastructure Investment Is Holding

The IMF expects global growth of 3.0% in 2026 and 3.4% in 2027. Its July outlook says the Middle East war is weighing more heavily on energy-importing economies. Technology spending remains one of the areas supporting activity.

The IEA expects global electricity consumption to rise 3.6% in 2026 and 3.8% in 2027.

Data centres are contributing to that increase, particularly in the United States, where they are expected to account for nearly half of electricity-demand growth through the end of the decade.

The IEA expects global oil demand to fall by about 1.1 million barrels a day in 2026 as high prices and slower economic activity reduce consumption. Middle East supply disruption has also pushed buyers toward other sources.

NVIDIA and Dangote sit inside these two investment markets. NVIDIA is raising financing for more AI compute, while Dangote is expanding refining as fuel trade adjusts. Global infrastructure investment is still moving despite weaker global growth.

Capital Is Still Being Committed Beyond the War

The war has raised energy costs and weakened growth expectations, but companies are still funding expansion.

NVIDIA and Dangote point to where more of that spending could go next. AI compute will require more financing and power, while refining projects in Africa are positioning for a fuel market still adjusting to disrupted supply.

If those plans keep moving, the next phase of global investment will be shaped less by the war itself and more by who can add the infrastructure the economy still needs.