Aliko Dangote, the president of Dangote Group, announced on Sunday that his organization hopes to generate $30 billion in sales by 2025 and soon take the top spot as a foreign exchange supplier in the FX market. He revealed a strategic change in revenue composition within the cement business from the current 75% to 15% in the future during a tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited with media executives over the weekend. He said the plan is to achieve independence from the Central Bank of Nigeria (CBN) in forex sourcing. The substantial amount of foreign exchange that is anticipated to flow into Nigeria through his businesses will inevitably increase the value of our domestic currency and cause the Naira to appreciate in value comity of international currencies all over the world.
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Dangote claims that the refinery started up fully in 2024 and that its original concentration was on refining intermediate products such naphtha, polypropylene, RCO, gasoline, diesel, and jet fuel. He clarified that in March 2024, the refinery began its steady-state production phase. Furthermore, by August, he expects output to ramp up to 500,000 barrels per day (bpd) with 15 crude cargoes each month; by the end of the year, it will reach 550,000 bpd, with a target of 650,000 bpd by the first quarter of 2025. Dangote gave an assurance, saying, “Petrol production is to commence in July with sales from August.”
Dangote also made a suggestion that the group plans to list Dangote Fertilizer Limited and Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange Group in the first quarter of 2025. According to him, Nigerians would be able to own a portion of these businesses thanks to this program. “We plan to list them before the end of this year due to the nature of our business with the fertilizer and the refinery. In the worst-case scenario, though, we want to list them by the end of the first quarter of next year, depending on the situation. We’ll be able to sell shares and provide Nigerians the opportunity to become shareholders as a result,” Dangote said.
The largest oil refinery in Africa and the largest single-train facility in the world, the Dangote Refinery can process 650,000 barrels per day (BPD) at full capacity. Meanwhile, the largest granulated urea fertilizer complex in Africa is run by Dangote Fertiliser Limited. At the moment, the most capitalized firm in Nigeria is Dangote Cement. He emphasized that the refinery would produce 53 million liters of gasoline and 1.1 million tonnes of diesel per day, despite the fact that its total storage capacity is 4.5 billion liters, which is enough to meet Nigeria’s crude needs for 20 days and store products equal to 15 days’ worth of fuel. He continued by saying that the refinery has 86 loading bays on unique loading gantries, as well as specialized marine facilities for the unloading of crude petroleum and the loading of petroleum products. Additionally, the facility, he said, includes a 900-kilotonne per annum polypropylene plant, with production capacities of 36,000 tonnes per annum for sulphur and 585,000 tonnes per annum for carbon black.
According to Dangote, the Dangote Group’s operations have changed dramatically over the previous 40 years, transitioning from a commodity trading business to a multinational conglomerate. He emphasized that the main objective of this transition was to strengthen Nigeria’s economy and achieve self-sufficiency in important industries. The firm was founded in 1978 as a trade company, and since then, it has grown into a diversified conglomerate with investments in a number of industries, including infrastructure, petrochemicals, cement, fertilizer, oil and gas, and vehicle assembly. According to him, the group’s core belief is that Africa’s potential to develop economically in the future depends on its capacity to utilize its own resources. Dangote emphasized that by exporting raw materials and importing completed commodities, the continent unintentionally imports jobs and poverty.
Devakumar Edwin, vice president of oil and gas at Dangote Industries Limited, reaffirmed the company’s dedication to building indigenous capacity in vital economic sectors. He stated that Dangote Industries Limited has given young Nigerians the confidence to take on important responsibilities within its operations, and many of them have even gone outside to live as expatriates. Edwin emphasized that the refinery is the biggest single train complex in the world that was built wholly by a Nigerian enterprise, signifying a noteworthy accomplishment in the region’s engineering and building capabilities.
Observing that foreign businesses constructed the majority of refineries, he expressed delight in the fact that a Nigerian company, working directly as an Engineering, Procurement, and Construction (EPC) contractor, developed and constructed the largest single train refinery complex in the world. He claimed that a Nigerian business may build a refinery anywhere in the world and that this has increased the capacity of many Nigerians involved in the process. “It is a source of pride that a Nigerian company serving as the EPC contractor designed, engineered, and built the world’s largest single train refinery,” he stated.
Group Executive Director of Commercial Operations at Dangote Industries Limited, Fatima Dangote, thanked the media executives and reaffirmed the company’s commitment to improving the economy. She praised Aliko Dangote’s unwavering dedication to furthering the development of the continent. “As a country and a continent, he (Dangote) is dedicated to making sure that Nigeria and Africa succeed. Our priorities go beyond making money to include finding solutions to issues and establishing self-sufficiency in every African sector. We have positioned ourselves to export our products to every continent in the world by adhering to global standards,” the spokesperson stated.
Fatima emphasized that in addition to being the biggest private employer of labor, the firm complies with all applicable tax rules and regulations and annually ranks among the top taxpayers in the nation. We are regarded as one of the biggest labor employers. We do, however, also take care to guarantee that our employees have a high level of living. Our presence on the list of highest paid companies in the nation is indicative of this. In addition, she said, “Our influence on employment generation reaches thousands of indirect jobs in the many communities that we operate in.
