President of Dangote Group, Aliko Dangote, on Sunday stated Company’s aim is to become the leading supplier of foreign exchange in the FX market soon, as it target $30 billion in revenue by year 2025.
During a tour of the Dangote Petroleum Refinery and Petrochemicals and Dangote Fertilizer with the Media executives over the weekend, he said the plan is to attain Independence from the Central Bank of Nigeria (CBN) in forex sourcing highlighting a strategic shift in in revenue composition within the Cement business from the current 75% to 15% in the future.
The expected significant in flow of forex into Nigeria through his businesses, will automatically boosts the value of our local currency and make Naira regain its value in the comity of International Currencies all over the world.
According to Dangote, the refiners began full operations in 2024. Initially focusing on refining Immediate products such as polypropylene, naphtha, RCO, gasoline, diesel and jet fuel.
He explained that the refinery entered its steady state production phase in March, 2024. Additional he anticipated production ramping up to 500,000 barrels per day (bpd) with 15 crude cargoes per month by August, Increasing to 550,000 barrels per day bpd by the end of the year, and aiming for 650,000 bpd by first quarter of 2025.
Petrol production is to commence in July with sales from August assured Dangote.
Dangote hinted also that the group Intends to list both Dangote Petroleum Refinery and Petrochemicals and Dangote Fertilizer Limited on the Nigerian Exchange Group in the first quarter of 2025. He said this initiative would enable Nigerians to participate in the ownership of these companies.
“Due to the nature of our businesses with both the refinery and the ferterlizer, we are aiming to list them by the end of this year. However depending on circumstances, worst – case scenario, we anticipate listing the next quarter of next year. This will allow us to offer shares for sale and enable Nigerians participate as shareholders. Dangote stated.
Dangote Refinery which will process 650,000 barrels per day (BPD) at full capacity stands as Africa’s largest single – train facility, while the Dangote Fertilizer Limited operates African’s largest Granulated Urea Ferterlizer Complex. Presently, Dangote Cement is Nigerian’s capitalised company.
While noting that the total storage capacity of the refinery is 4.5 billion litres, sufficient to cover 20 days of Nigeria’s crude requirement and stored products equivalent to 15 days of Nigeria’s petrol consumption, he stressed that the refinery would produce 50 million litres of petrol per day and 1.1 tonnes per day.
He added that the refinery is equipped dedicated loading gentries featuring 86 loading bays along side special marine facilities for the off loading of Petroleum products. Additionally, the facility, he said Includes 900 – kilometres per annual polypropylene plant, with production capacities of 36,000 tonnes per annum of Sulphur and 585,000 tonnes per annum of Carbon black.
Dangote said over the past four decades the operation of Dangote Group have evolved significantly from a commodity trading company to a diversified conglomerate. He emphasised that this transformation was driven over arching goal of achieving self – sufficiency in key sectors and bolster Nigeria’s economy.
He noted that the group, which began as trading company in 1978, has expanded into a diversified Conglomerate with Investments spanning Cement, agriculture, ferterlizer, petrochemicals , oils and gas, auto assembly, Infrastructure, and other sectors.
He said the group is driven by Idea that Africa’s future prosperity hinges on its ability to harness its own resources and capabilities. Dangote stressed that the Continent in advently imports poverty and exports job by exporting raw materials and imports finished goods.
The Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin reiterated the commitment of the company in enhancing local capacity in critical sectors of the economy.
He said that Dangote Industries has empowered young Nigerians to assume key roles across its operations, with many even becoming expatriates in other nations.
Edwin stressed the refinery’s status as the world’s largest single – train complex constructed by Nigerian Company. highlighting a significant achievement in local engineering and construction capabilities.
Noting that most refineries were built by foreign companies, he said it is a thing of pride that Nigerian Company, acting directly as Engineers, Procurement, and Construction (EPC) Contractors designed and built the world’s largest single – train refinery complex.
He said this has enhanced the capacity of many Nigerians involved in the process that a Nigerian Company can be build a refinery any where in the world
“It is a thing of pride that the large single – train refinery in the world is 1000% designed, engineered and constructed by a Nigerian Company as EPC contractors”, he said.
While expressing gratitude to the Media, Group Executive of Dangote Commercial Operations at Dangote Industries Limited, Fatima Dangote, reiterated the company’s dedication of creating a positive impact on the economy. She commends Aliko Dangote’s steadfast commitment to advancing the Continent’s development.
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.
Fatima pointed out that the group is not only the largest private employer of labour but also consistently ranks as one of the top tax payers in the Country each year, adhering to all relevant tax laws and regulations..
“We are known as one of the largest employers of labour.. However, we are also conscious of ensuring our workers enjoy a good living standard. This is reiterated in our inclusion on the list of top paying firms in the Country.
Our impact on employment generation extends to creating thousands of indirect Jobs in the various Communities that we operated in, she added.
