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Dangote’s refinery project represents a monumental effort to industrialize Africa and underscores his belief in the continent’s potential to drive its own development.
Dangote, whose net worth stands at $15 billion, highlighted the pivotal role of recent restructuring efforts and strategic leadership appointments within the conglomerate.
The maiden consignment, comprising 45,000 metric tons of jet fuel, embarked on its journey to Rotterdam, Netherlands, aboard the vessel “Doric Breeze” from the Lekki Free Zone in Lagos on May 27.
The choice to pursue a dual listing on both exchanges reflects considerations arising from the NGX’s current limitations in accommodating the scale of the refinery.
With banks offering limited options, companies like Dangote Sugar are turning to the fixed-income market for alternative financing.
Dangote said Nigeria could halt premium motor spirit (PMS), or petrol, imports by next month thanks to the Dangote Oil Refinery.
Speaking at the Africa CEO Forum in Kigali, Rwanda, Dangote detailed the refinery’s ability to produce a wide range of refined products, including gasoline, diesel, and aviation fuel.
Boasting the world’s largest single-train capacity (650,000 barrels per day), the Dangote Oil Refinery aims to wean Nigeria off its reliance on imported fuels.
Dangote, Africa’s richest man and Nigeria’s wealthiest individual, has seen his fortune plummet by $8.6 billion since Jan. 30.
The move adds to the foundation’s recent efforts to alleviate economic hardships and address critical social issues in Nigeria.
The decline follows a brief uptick in April fueled by the Central Bank of Nigeria’s (CBN) efforts to address a backlog of dollar obligations, which strengthened the naira.
Dangote highlighted the importance of the government’s national backward integration policy, which aims to create a self-sufficient domestic sugar industry by incentivizing local producers.
Dangote Sugar’s $49.6-million first-quarter 2024 loss stemmed primarily from a $74-million foreign exchange loss from the group’s business operations.
As the majority owner of NASCON, Dangote’s stake in the salt and seasoning processing company is worth over $74 million.
Revenue for the first three months of 2024 climbed to N79.16 billion ($62.6 million), up from N30.78 billion ($23.83 million) in the prior-year period.
In the first quarter of 2024, Dangote Cement’s Nigerian operations shipped a total of 178,000 tonnes of clinker to Cameroon and Ghana.