Lagos, Nigeria – Aliko Dangote, the President of Dangote Group, has set a bold target of achieving $30 billion in revenue by the end of 2025, which he believes will significantly bolster the Nigerian naira. This announcement came during a media tour of Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited on Sunday.
Dangote expressed confidence that the substantial influx of foreign exchange into Nigeria through his conglomerate’s operations would enhance the value of the local currency, restoring its stature globally.
The Dangote Petroleum Refinery, Africa’s largest oil refinery, commenced full operations earlier this year, initially focusing on refining intermediate products such as polypropylene, naphtha, petrol, diesel, and jet fuel. It has since entered its steady-state production phase and is ramping up production capacity to meet ambitious targets.
“We expect to reach 500,000 barrels per day production with 15 crude cargoes monthly by August, scaling up to 550,000 barrels per day by year-end and aiming for 650,000 barrels per day by Q1 2025,” Dangote affirmed, noting that petrol production will commence in July with sales starting in August.
In a bid to democratize ownership, Dangote Group plans to list both Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited on the Nigerian Exchange Group in Q1 2025, allowing Nigerians to participate as shareholders.
“The listing will offer shares for sale, providing an opportunity for Nigerians to invest in these leading companies,” Dangote stated.
Dangote also highlighted the impressive capacities of his ventures: the refinery boasts a total storage capacity of 4.5 billion litres, sufficient to cover 20 days of Nigeria’s crude requirement and store products equivalent to 15 days of petrol consumption. It will produce 53 million litres of petrol daily and 1.1 million tonnes of fertiliser per annum.
Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, underscored the local capacity-building efforts, noting that the refinery is the world’s largest single-train complex constructed entirely by a Nigerian company. This achievement signifies a significant milestone in enhancing local engineering and construction capabilities.
“We are proud that a Nigerian company has built the largest single-train refinery globally, demonstrating our capability to undertake such monumental projects,” Edwin remarked.
The tour, attended by media executives, highlighted Dangote Group’s commitment to economic impact and local empowerment, with young Nigerians assuming key roles across operations, including international assignments.
The initiatives by Dangote Group underscore its pivotal role in Nigeria’s economic landscape, aiming not only to meet domestic energy and agricultural needs but also to strengthen the nation’s currency amid global economic shifts.