DANGOTE GROUP TARGETS $30BN REVENUE TO STRENGTHEN NAIRA
The President of Dangote Group, Aliko Dangote, announced that his businesses aim to achieve a $30 billion revenue target by the end of 2025, which is expected to boost the value of the naira. During a tour of Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, Dangote highlighted plans to attain independence from the Central Bank of Nigeria in foreign exchange sourcing. This significant inflow of forex through his businesses is anticipated to strengthen the naira.
The Dangote Refinery, operational since March 2024, is set to ramp up production to 500,000 barrels per day by August 2024, reaching 650,000 bpd by early 2025. Petrol production will begin in July 2024, with sales starting in August. The group 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 become shareholders.
The refinery, capable of processing 650,000 barrels per day, is Africa's largest oil refinery and the world's largest single-train facility. Additionally, Dangote Fertiliser Limited operates the continent's largest granulated urea fertiliser complex. Currently, Dangote Cement is Nigeria's most capitalized company.
The refinery's total storage capacity is 4.5 billion litres, and it will produce 53 million litres of petrol per day. It also includes a 900-kilotonne per annum polypropylene plant and other production capacities. The company emphasized its commitment to enhancing local capacity and creating significant economic impacts.
Key Points:
- Revenue Target: $30 billion by end of 2025 to boost the naira.
- Production Goals: 500,000 bpd by August 2024, 650,000 bpd by early 2025.
- Stock Listing: Dangote Refinery and Fertilizer to be listed on NGX by Q1 2025.
- Capacity: Refinery to produce 53 million litres of petrol per day and has a total storage capacity of 4.5 billion litres.
- Local Impact: Emphasis on enhancing local capacity and empowering young Nigerians in key roles.
The President of Dangote Group, Aliko Dangote, announced that his businesses aim to achieve a $30 billion revenue target by the end of 2025, which is expected to boost the value of the naira. During a tour of Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, Dangote highlighted plans to attain independence from the Central Bank of Nigeria in foreign exchange sourcing. This significant inflow of forex through his businesses is anticipated to strengthen the naira.
The Dangote Refinery, operational since March 2024, is set to ramp up production to 500,000 barrels per day by August 2024, reaching 650,000 bpd by early 2025. Petrol production will begin in July 2024, with sales starting in August. The group 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 become shareholders.
The refinery, capable of processing 650,000 barrels per day, is Africa's largest oil refinery and the world's largest single-train facility. Additionally, Dangote Fertiliser Limited operates the continent's largest granulated urea fertiliser complex. Currently, Dangote Cement is Nigeria's most capitalized company.
The refinery's total storage capacity is 4.5 billion litres, and it will produce 53 million litres of petrol per day. It also includes a 900-kilotonne per annum polypropylene plant and other production capacities. The company emphasized its commitment to enhancing local capacity and creating significant economic impacts.
Key Points:
- Revenue Target: $30 billion by end of 2025 to boost the naira.
- Production Goals: 500,000 bpd by August 2024, 650,000 bpd by early 2025.
- Stock Listing: Dangote Refinery and Fertilizer to be listed on NGX by Q1 2025.
- Capacity: Refinery to produce 53 million litres of petrol per day and has a total storage capacity of 4.5 billion litres.
- Local Impact: Emphasis on enhancing local capacity and empowering young Nigerians in key roles.