Dangote Group Aims for $30 Billion Revenue to Bolster Naira

Aliko Dangote, President of Dangote Group, highlighted during a media executives’ tour on Sunday that his company’s targeted $30 billion revenue by the end of 2025 will have a positive impact on Nigeria’s economy, particularly on the value of the naira. Dangote emphasized that this revenue influx from his businesses, including Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, aims to reduce dependence on the Central Bank of Nigeria for foreign exchange.

Dangote announced that the refinery, now fully operational since 2024, initially focuses on refining intermediate products such as polypropylene, naphtha, RCO, petrol, diesel, and jet fuel. He anticipates the production ramp-up to 500,000 barrels per day with 15 crude cargoes monthly by August, increasing to 550,000 bpd by year-end and targeting 650,000 bpd by Q1 2025.

The refinery will commence petrol production in July, with sales starting in August. Dangote plans to list both the refinery and the fertilizer company on the Nigerian Exchange Group by Q1 2025, enabling Nigerian participation in their ownership. Dangote highlighted the refinery’s capacity as Africa’s largest oil refinery and the world’s largest single-train facility, along with the fertilizer complex operating as Africa’s largest granulated urea facility.

Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, reiterated the company’s commitment to bolstering local capacity across critical sectors, emphasizing that the refinery stands as the world’s largest single-train complex built entirely by a Nigerian company. He underscored this achievement in enhancing local engineering and construction capabilities, expressing pride in the project’s positive impact on Nigeria’s economy.