Dangote Targets $30bn Revenue, Seeks FX Independence
By Patience Ikpeme
Aliko Dangote, President of the Dangote Group, has outlined an ambitious plan to transform the conglomerate into a major player in the foreign exchange market, aiming for a staggering $30 billion in revenue by 2025.
The billionaire businessman revealed this during a media tour of the Dangote Petroleum Refinery and Petrochemicals and Dangote Fertiliser Limited.
Dangote emphasized the group’s strategic shift away from heavy reliance on cement, which currently contributes 75 percent of its revenue, towards a more diversified income stream. The impending listing of both the refinery and fertilizer businesses on the Nigerian Exchange Group is a key component of this strategy.
The Dangote Refinery, Africa’s largest and the world’s biggest single-train facility, is expected to significantly boost Nigeria’s foreign exchange earnings. With a planned production capacity of 650,000 barrels per day and the ability to meet 100 percent of Nigeria’s liquid product requirements, the refinery is poised to become a major exporter.
Dangote revealed that the refinery has already commenced full operations, focusing initially on intermediate products before transitioning to petrol production in July. The facility is designed to produce 53 million liters of petrol per day and boasts a massive storage capacity of 4.5 billion liters.
The group’s foray into the fertilizer sector, through Dangote Fertiliser Limited, is another key driver of its growth ambitions. The company operates Africa’s largest Granulated Urea Fertiliser complex and is expected to contribute significantly to the group’s overall revenue.
Dangote highlighted the importance of local content development, emphasizing the company’s role in empowering Nigerian talent. The refinery, constructed entirely by Nigerian engineers and contractors, stands as a testament to the country’s capacity to execute large-scale projects.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, reiterated the company’s commitment to enhancing local capacity. He celebrated the refinery’s construction as a significant achievement for Nigerian engineering, noting its status as the world’s largest single-train refinery, fully designed, engineered, and built by a Nigerian company.
“It’s a point of pride that the largest single-train refinery in the world is 100% designed, engineered, and constructed by a Nigerian company,” Edwin said.
Fatima Dangote, Group Executive Director of Commercial Operations, expressed gratitude to media executives and emphasized the group’s positive economic impact. She praised Aliko Dangote’s dedication to advancing Africa’s development, stating, “Our focus extends beyond profit to solving problems and achieving self-sufficiency across all sectors in Africa.”
Fatima also highlighted the group’s role as Nigeria’s largest private employer and one of the top taxpayers, committed to ensuring a high living standard for its workers and creating thousands of indirect jobs.
The Dangote Group’s expansion plans and its focus on import substitution are expected to have a profound impact on Nigeria’s economy, creating jobs, boosting foreign exchange reserves, and reducing the country’s reliance on imported goods.
