Aliko Dangote, President of Dangote Group, has announced a $30 billion revenue target by 2025, which is expected to boost the value of the naira.
During a media tour of Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, Dangote said the significant inflow of foreign exchange into Nigeria through his businesses will automatically boost the value of the naira.
The refinery, which began full operations in 2024, is expected to produce 53 million litres of petrol per day and 1.1 million tonnes per day. Dangote also announced plans to list Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited on the Nigerian Exchange Group by the first quarter of 2025, allowing Nigerians to participate in the ownership of these companies.
The Dangote Refinery, Africa’s largest oil refinery and the world’s largest single-train facility, has a total storage capacity of 4.5 billion litres, sufficient to cover 20 days of Nigeria’s crude requirement. The facility also includes a 900-kilotonne per annum polypropylene plant and production capacities of 36,000 tonnes per annum for sulphur and 585,000 tonnes per annum for carbon black.
Devakumar Edwin, Vice President of Oil and Gas, Dangote Industries Limited, reiterated the company’s commitment to enhancing local capacity in critical sectors of the economy. He noted that the refinery’s construction entirely by a Nigerian company is a significant achievement in local engineering and construction capabilities.
Fatima Dangote, Group Executive Director of Commercial Operations at Dangote Industries Limited, expressed the company’s dedication to creating a positive impact on the economy.
