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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.
The financing will be facilitated through Nigeria’s tax credit scheme, designed to attract private sector participation in infrastructure development.
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.
The company showcased robust revenue growth, surging past $110 million, yet faced a notable decline in profit due to escalating costs and currency devaluation.
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.
As the majority owner of NASCON, Dangote’s stake in the salt and seasoning processing company is worth over $74 million.
Revenue growth was fueled by a significant increase in sugar sales. the strong performance expands its lead as Nigeria’s top food conglomerate.
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.
Group revenue from cement, clinker, and other products surged 100 percent year-over-year, reaching N817.35 billion ($659.3 million).
Following a successful delisting, the board intends to seek shareholder authorization to list the company’s shares on the NASD OTC Securities Exchange.
Ranked as Nigeria’s third-richest person and Africa’s sixth by Forbes, Rabiu has recently experienced a notable drop in his wealth figures.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) expects the Dangote refinery to reduce diesel prices further.
Transcorp Power’s journey in Nigeria’s energy sector commenced in 2013 with the acquisition of the Ughelli Power Plant under the leadership of Elumelu.
The recent decision to ramp up operations, follows Dangote Refinery’s move to slash diesel prices in Nigeria, marking a substantial decrease from previous rates.
Otedola’s focus on operational efficiency across his portfolio has fueled earnings growth and valuations.