Dangote targets $30bn revenue to boost naira value

Aliko Dangote, President of the Dangote Group, announced a $30 billion revenue target for his businesses by the end of 2025, asserting that this achievement will strengthen the naira.

During a tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited with media executives, Dangote emphasized plans for foreign exchange independence from the Central Bank of Nigeria.

He highlighted that significant forex inflow through his enterprises would bolster the naira’s value internationally.

The refinery began full operations in 2024, initially focusing on refining intermediate products such as polypropylene, naphtha, RCO, petrol, diesel, and jet fuel.

Dangote stated that steady-state production began in March 2024, with expectations to ramp up to 500,000 barrels per day by August and 650,000 bpd by Q1 2025. “Petrol production will commence in July with sales starting in August,” he confirmed.

Dangote announced plans to list Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited on the Nigerian Exchange Group by Q1 2025, allowing Nigerians to become shareholders.

The refinery, capable of processing 650,000 bpd at full capacity, is Africa’s largest oil refinery and the world’s largest single-train facility. Dangote Fertiliser Limited operates the largest granulated urea fertilizer complex in Africa. The refinery’s storage capacity is 4.5 billion litres, covering 20 days of Nigeria’s crude requirements and 15 days of petrol consumption. It will produce 53 million litres of petrol and 1.1 million tonnes of products daily.

Devakumar Edwin, Vice President of Oil and Gas at Dangote Industries Limited, highlighted the company’s commitment to enhancing local capacity and empowering young Nigerians in critical roles. He noted that the refinery is the world’s largest single-train complex built entirely by a Nigerian company, showcasing local engineering prowess.

Group Executive Director of Commercial Operations, Fatima Dangote, expressed gratitude to the media and reiterated the company’s dedication to positively impacting the economy.