Africa’s richest man Aliko Dangote’s conglomerate targets $30 billion revenue

Omokolade Ajayi -

Key Points:

  • Africa’s richest man, Aliko Dangote, aims for his Dangote Group to reach $30 billion in revenue by year-end, exceeding the GDP of many African nations.
  • The group’s mega-refinery in Lagos is exporting jet fuel to Europe and plans a dual listing on the London and Nigerian Stock Exchanges.
  • Dangote’s strategic moves position it as a key player in Africa’s economic development and global oil & gas industry.

Aliko Dangote, Africa’s richest man and chairman of Dangote Group, the continent’s most diversified manufacturing conglomerate, has unveiled an ambitious projection for his business empire, aiming to surpass $30 billion in total revenue by the end of 2024.

Revenue projections exceed GDP of 36 African nations

This forecast, announced in a recent interview with CNN, surpasses the gross domestic products (GDP) of 36 African countries, including Zambia, Sudan, Guinea, and Mozambique. In the interview, Dangote, whose net worth stands at $15 billion, highlighted the pivotal role of recent restructuring efforts and strategic leadership appointments within the conglomerate.

“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,” he said. “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.”

Dangote Refinery begins European jet fuel exports

Central to Dangote Group’s expansion strategy is the Dangote Petrochemical Complex, situated on the outskirts of Lagos. This transformative venture includes a mega oil refinery poised to meet Nigeria’s petroleum needs and significantly reduce carbon emissions by up to 2 million tonnes. The complex features a polypropylene plant and two fertilizer trains, emphasizing Dangote Group’s commitment to self-reliance and industrial development in Nigeria.

In a strategic move to bolster its global presence, the Dangote Oil Refinery has commenced jet fuel exports to Europe, with its maiden consignment setting sail for Rotterdam, Netherlands. Furthermore, the refinery has announced plans for a dual listing on the London Stock Exchange (LSE) and the Nigerian Exchange (NGX), underscoring its ambition to drive Nigeria’s industrial development while solidifying its position in the global oil and gas market.

Promoting African economic growth

Dangote Group’s initiatives not only signify a significant leap forward for Nigerian industrial development but also hold promise for Africa’s economic landscape. As operations continue to expand and evolve, the conglomerate stands poised to leave an indelible mark on the global oil and gas industry, reaffirming Africa’s potential for economic growth and self-sustainability.

With its visionary leadership, strategic investments, and commitment to innovation, Dangote Group remains at the forefront of Africa’s industrial revolution, poised to reshape the continent’s economic landscape and establish itself as a global powerhouse in the years to come.