FX: With $30 Billion Revenue Projection, Dangote Targets Independence from CBN

•Says company’s income to boost Naira’s value 

•Refinery to ramp up production to 500,000 bpd in August, full output in Q1 2025

Emmanuel Addeh in Abuja

President of Dangote Group, Aliko Dangote at the weekend stated that his company’s aim was 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, he said the plan was to attain independence from the Central Bank of Nigeria (CBN) in forex sourcing.

A statement from the company stated that Dangote also highlighted a strategic shift in revenue composition within the cement business from the current 75 per cent to 15 per cent in the future.

The expected significant inflow of forex into Nigeria through his businesses, he said, will automatically boost the value of Nigeria’s  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, pointing out that he was anticipating production ramp 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 Fertiliser 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.

The Dangote Refinery, which will process 650,000 barrels per day at full capacity, stands as Africa’s largest oil refinery and the world’s largest single-train facility, while the Dangote Fertiliser Limited operates Africa’s largest Granulated Urea Fertiliser complex. Presently, Dangote Cement is Nigeria’s most capitalised company.

While noting that the total storage capacity of the refinery is 4.5 billion litres, sufficient to cover 20 days of Nigeria’s crude requirement and store products equivalent to 15 days of Nigeria’s petrol consumption, he stressed that the refinery would produce 53 million litres of petrol per day and 1.1 million tonnes per day.

He added that the refinery is equipped with dedicated loading gantries featuring 86 loading bays, alongside specialised marine facilities for the offloading of crude and the loading of petroleum products.

Additionally, the facility, he said, includes a 900-kilotonne per annum polypropylene plant, with production capacities of 36,000 tonnes per annum for sulphur and 585,000 tonnes per annum for carbon black.

Dangote said that over the past four decades, the operations of Dangote Group had evolved significantly from a commodity trading company to a diversified conglomerate.

He emphasised that the transformation was driven by the overarching goal of achieving self-sufficiency in key sectors and bolstering Nigeria’s economy.

He noted that the group, which began as a trading company in 1978, has expanded into a diversified conglomerate with investments spanning cement, agriculture, fertiliser, petrochemicals, oil & gas, auto assembly, infrastructure, and other sectors.

He said the group was driven by the idea that Africa’s future prosperity hinges on its ability to harness its own resources and capabilities. Dangote stressed that the continent inadvertently imports poverty and exports jobs by exporting raw materials and importing finished goods.

Also speaking, 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.

Noting that most refineries were built by foreign companies, he said it was a thing of pride that a Nigerian company, acting directly as Engineering, Procurement, and Construction (EPC) contractor, designed and built the world’s largest single train refinery complex. He said this has enhanced the capacity of many Nigerians involved in the process and that a Nigerian company can build a refinery anywhere in the world.

“It is a thing of pride that the largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.

While expressing gratitude to the media executives, 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. She commended Aliko Dangote’s steadfast commitment to advancing the continent’s development.

“He (Dangote) is committed to ensuring the success of Nigeria and Africa as a nation and a continent. Our focus extends beyond profit to solving problems and achieving self-sufficiency across all sectors in Africa. By meeting global standards, we have positioned ourselves to export our products to every continent in the world,” she said.

Fatima pointed out that the group was not only the largest private employer of labour but also consistently ranks as one of the top taxpayers in the country each year, adhering to all relevant tax laws and regulations.

“We are known as one of the largest employers of labour. However, we are also conscious of ensuring our workers enjoy a good living standard. This is reflected in our inclusion in the list of top paying firms in the country. Our impact on employment generation extends to creating thousands of indirect jobs in the various communities that we operate in,” she added