President of Dangote Group, Aliko Dangote, stated that his company’s aim is to become the leading supplier of foreign exchange in the FX market soon, as it targets $30 billion in revenues by the year 2025.
During a tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited with media executives, Dangote said the plan is to attain independence from the Central Bank of Nigeria (CBN) in forex sourcing, highlighting a strategic shift in revenue composition within the cement business from the current 75 percent to 15 percent in the future.
The expected significant inflow of forex into Nigeria through his businesses, will automatically boosts the value of our local currency and make naira regain its value in the comity of international currencies all over the world.
According to Dangote, the refinery began full operations in 2024, initially focusing on refining intermediate products such as polypropylene, naphtha, RCO, gasoline, diesel, and jet fuel.
He explained that the refinery entered its steady-state production phase in March 2024. Additionally, he anticipates production ramping up to 500,000 barrels per day (bpd) with 15 crude cargoes per month by August, increasing to 550,000 bpd by the end of the year, and aiming for 650,000 bpd by the first quarter of 2025.
“Petrol production is to commence in July with sales from August,” assured Dangote.
Dangote also hinted that the group intends to list both Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited on the Nigerian Exchange Group in the first quarter of 2025.
He said that this initiative would enable Nigerians to participate in the ownership of these companies.
“Due to the nature of our business with both the refinery and the fertiliser, we are aiming to list them by the end of this year.
However, depending on circumstances, worst-case scenario, we anticipate listing them before the end of the first quarter of next year.
This will allow us to offer shares for sale and enable Nigerians to participate as shareholders,” Dangote stated.
Dangote said that over the past four decades, the operations of Dangote Group have evolved significantly from a commodity trading company to a diversified conglomerate.
He emphasised that this transformation was driven by the overarching goal of achieving self-sufficiency in key sectors and bolstering Nigeria’s economy.
The vice president, Oil and Gas, Dangote Industries Limited, Devakumar Edwin, reiterated the commitment of the company in enhancing local capacity in critical sectors of the economy.
He said Dangote Industries Limited has empowered young Nigerians to assume key roles across its operations, with many even becoming expatriates in other nations.
Edwin stressed the refinery’s status as the world’s largest single train complex constructed entirely by a Nigerian company, highlighting a significant achievement in local engineering and construction capabilities.
Group executive director of Commercial Operations at Dangote Industries Limited, Fatima Dangote, reiterated the company’s dedication to creating a positive impact on the economy.