Sequel to his comments on the Group’s shares and supply of Premium Motor Spirit, President of Dangote Group, Aliko Dangote, has said that his business aims to record $30bn revenue by the end of 2025.
Dangote, who said this recently, during a tour of Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited by media executives, said the targeted revenue is expected to boost the naira, noting that the expected significant inflow of forex into Nigeria through his businesses will automatically boost the value of our local currency and make the naira regain its value in the comity of international currencies worldwide
This, therefore, indicates a plan to attain independence from the Central Bank of Nigeria in foreign exchange sourcing as Dangote assured that the group will commence production in July with sales from August.
Adding, the President of the Dangote Group of companies and richest man in Africa who revealed the group’s plan to list both Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited on the Nigerian Exchange Group in the first quarter of 2025 added that the listing would enable Nigerians to participate in the ownership of these companies.
He said, “Due to the nature of our business with both the refinery and the fertiliser, we are aiming to list them by the end of this year. However, depending on circumstances, worst-case scenario, we anticipate listing them before the end of the first quarter of next year. This will allow us to offer shares for sale and enable Nigerians to participate as shareholders.”
The businessman who noted that the total storage capacity of the refinery is 4.5 billion litres said it sufficient to cover 20 days of Nigeria’s crude requirement and store products equivalent to 15 days of Nigeria’s petrol consumption.
Dangote also stressed that the refinery would produce 53 million litres of petrol per day and 1.1 million tonnes per day. adding that the refinery was equipped with dedicated loading gantries featuring 86 loading bays, along with specialised marine facilities for the offloading of crude and the loading of petroleum products which is a viable addition to the facility’s 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.
He noted these while singing praises of his establishments as Africa’s largest oil refinery and the world’s largest single-train facility aiming to process 650,000 barrels per day at full capacity, Dangote Fertiliser Limited as Africa’s largest granulated urea fertiliser complex and Dangote Cement as Nigeria’s most capitalised company.
In a remark, vice President of Oil and Gas, Dangote Industries Limited, Devakumar Edwin, reiterated the commitment of the company to enhance local capacity in critical sectors of the economy, adding that Dangote Industries Limited had empowered young Nigerians to assume key roles across its operations, with many even becoming expatriates in other nations.
According to Edwin, the refinery’s status as the world’s largest single-train complex constructed entirely by a Nigerian company, highlights a significant achievement in local engineering and construction capabilities.
The VC also noted that most refineries were built by foreign companies and that it is a source of pride that a Nigerian company, acting directly as an engineering, procurement and construction contractor, designed and built the world’s largest single-train refinery complex adding that, it has enhanced the capacity of many Nigerians involved in the process and that a Nigerian company can build a refinery anywhere in the world.
Edwin said, “It is a thing of pride that the largest single train refinery in the world is 100 per cent designed, engineered and constructed by a Nigerian company as an EPC contractor.”
On her part, Group Executive Director of Commercial Operations at Dangote Industries Limited, Fatima Dangote, while expressing gratitude to the media executives, reiterated the company’s dedication to creating a positive impact on the economy and commended Dangote’s steadfast commitment to advancing the continent’s development.
She said, “He (Dangote) is committed to ensuring the success of Nigeria and Africa as a nation and a continent. Our focus extends beyond profit to solving problems and achieving self-sufficiency across all sectors in Africa. By meeting global standards, we have positioned ourselves to export our products to every continent in the world,” she said.
