Aliko Dangote, Africa's richest man, estimates that his Dangote Group will reach $30 billion in revenue within the next two years. This ambitious target is largely driven by the upcoming launch of Dangote's new $12 billion, 650,000 barrel-per-day oil refinery in Lagos, Nigeria.
The Dangote Group, which currently generates around $4 billion in annual sales from its cement, flour, and sugar businesses, is poised for significant growth.[1] Once the new refinery starts production in 2024, it is expected to contribute an estimated $27 billion in annual revenue.
This, combined with the continued strong performance of Dangote Cement, which generated $2 billion in revenue in 2022, is projected to propel Dangote's net worth into the top 50 global billionaires by 2025.
Experts believe the refinery's focus on high-quality, environmentally-friendly fuels and petrochemicals, as well as its strategic location and export potential, will make it a major contributor to Nigeria's economy and a significant source of foreign exchange. Dangote's diversification into the steel industry is also expected to further boost the group's revenue targets.
Overall, the Dangote Group's ambitious $30 billion revenue goal by 2025 underscores the company's strategic positioning to become a dominant player in Nigeria's oil and gas sector, as well as its broader industrial and manufacturing landscape.