Dangote Eyes $30 Billion in Total Revenue from His Businesses by End of 2024

•Discloses some IOCS unwilling to sell crude locally, used to exporting   

•Says he will soon start making money from 650,000 bpd oil refinery

Emmanuel Addeh in Abuja

Founder of the Dangote Group and Africa’s richest person, Alhaji Aliko Dangote, has disclosed that by the end of 2024 he expects the total revenue from his businesses to hit over a staggering $30 billion.

Speaking in an interview on CNN, the billionaire businessman stated that the projection will catapult the Dangote Group into the elite group of the biggest 120 companies in the world.

He explained that with the recent restructuring in the company and key persons manning the key segments of the businesses, it will not be too difficult to hit the $30 billion mark by the end of the year.

“We have divided the company now into two. We have myself as group president, then we have the group president, oil and gas and we have the group president of other businesses.

“And all these ones , when you combine, by the end of this year, we will have a group that will have $30 billion of revenues and that is big. It means that we will be among the biggest 120 companies in the world,” he stated.

On the much-talked-about oil refining facility, he described it as a game changer, stressing that as ships from abroad begin to gradually halt movement into the country, since the refinery can supply all Nigeria’s petroleum products, it will reduce carbon emissions by as much as 2 million tonnes.

“This refinery is going to change the game. You know, improvements all over the place. If we take in all the crude from Nigeria, it means that we’ll take about 21 million barrels per month. And that will also help in terms of reducing the CO2 emissions.

“Rather than ships coming all the way from Europe bringing products, or the ships going out of Nigeria, that is 21 ships going out of Nigeria every month. And then you have the products coming into Nigeria. So in totality when you calculate, you are talking about 480 ships of 1 million barrels.

“That actually will save the environment almost 1.5 to 2 million tons of CO2 emissions,” he added.

On whether he had started making money yet from the $19 billion crude oil refinery in Lagos, Dangote assured that he will soon start making money, stressing that although running businesses is about making money, but  it gives him great satisfaction that his activities were helping to make Africa great.

Dangote, answering a question on whether he was getting adequate crude oil from producers in the country stated that although the Nigerian National Oil Company Limited (NNPC) was doing its best, the International Oil Companies (IOCs), were used to exporting their crude and were not willing to change immediately.

“We know there are challenges here, and that’s the truth. I have to be very open to you, but, you know, NNPC, they’ve been very, very helpful. They do their own bit.

“But some of the IOCs,  are struggling to give us crude, because everybody’s used to exporting, and nobody wants to stop exporting. Why do you think Africa is not growing as it should?

“Because we export raw materials and import finished goods. It doesn’t matter what it is, even if it’s gold or whatever, a raw material is always at a ridiculously priced amount compared to a finished goods,” he pointed out.

Dangote stated that he had never been known for giving up on a good cause, stressing that nothing scares him in business. “I’ve been fighting battles all my life, so, you know, I don’t get scared of anything,” he said .

Again, he complained that Africa is not doing enough trade with itself, positing that the continent only does 16 per cent trade with itself and pointing out that the African Continental Free Trade Area (AFCTA) could help in that direction.

“ The AFCTA will be very, very beneficial. And if you are talking about benefits, our company will almost be one of the top five in terms of benefiting from the free trade agreement,” he stated, however stating that he had not seen any improvement in trade within the continent.

“We have petroleum products to export. So we have too many things to export. We have cement also to export. What makes sense is to have the free trade agreement work. But my own thinking is that, look, for us to cross that hurdle, because the trade between us is only about 16 per cent, which is too low.

“So we have to make sure that all the regional markets, they have to work. We have to remove these requirements of visas. We have to allow free movement of people, free movement of goods and services. Then the AFCTA will work. Without that, it is almost impossible.

“I mean, you look at it today.  I’m going to Egypt tomorrow, but I need a visa. They are saying that, yes, okay, fine, they will give me visa on arrival if I have an American visa. But I have an African passport and they are part and parcel of AFCTA.

“But they are saying that, no, if you have American visa, we’ll give you. So they are discounting me being an African. So how do we trade if you are not allowing me into your own country?  What I would have loved to see is to see a South African coming to even get a job in Nigeria with no hassle.

“Because if we don’t now integrate, we will never, ever see what we call prosperity. So the integration is very, very important. If you remember, most countries, they used to have Ministry of Integration. I don’t know what happened. Some of the countries they have actually dropped all this, which doesn’t make sense,” he added.

Dangote described his three children as the future of his businesses, stressing that they have enough experience to run some parts of his vast businesses along with other executives of the group.