By Ayomide Otitoju
Aliko Dangote, President of Dangote Group, announced plans to achieve a $30 billion revenue target by the end of 2025, which he believes will bolster the Nigerian naira. He made these remarks during a media tour of Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited on Sunday, emphasizing a strategy for foreign exchange independence from the Central Bank of Nigeria.
Dangote disclosed that the refinery entered its steady-state production phase in March 2024 and projected an increase in production to 550,000 barrels per day by year-end, aiming for 650,000 barrels per day by early 2025. He assured that petrol production would commence in July with sales starting from August.
Furthermore, Dangote revealed plans to list both Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited on the Nigerian Exchange Group in early 2025, facilitating Nigerian ownership through share offerings.
The Dangote Refinery, set to process 650,000 barrels per day at full capacity, is Africa’s largest and the world’s largest single-train oil refinery. Additionally, Dangote Fertiliser Limited operates Africa’s largest granulated urea fertiliser complex.
Highlighting the refinery’s capabilities, Dangote noted its storage capacity of 4.5 billion litres, sufficient to cover Nigeria’s crude requirements for 20 days and store petrol equivalent to 15 days of national consumption. The facility 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 company’s commitment to enhancing local capacity across critical sectors. He highlighted the refinery’s construction as a significant achievement in Nigerian engineering and construction capabilities, emphasizing that it is the largest single-train refinery globally built entirely by a Nigerian company.
In conclusion, Dangote expressed confidence that the substantial forex inflows expected from his businesses would elevate the naira’s value internationally, positioning it favorably among global currencies.
