Africa’s Largest Oil Refinery and Fertiliser Complex to Boost Nigeria’s Forex and Economy
Aliko Dangote, President of Dangote Group, has announced plans for his company to become the leading supplier of foreign exchange in the FX market, targeting revenues of $30 billion by 2025.
During a tour of the Dangote Petroleum Refinery & Petrolchemicals and Dangote Fertiliser Limited with media executives at the weekend, Dangote mentioned that the company aims to attain independence from the Central Bank of Nigeria (CBN) in sourcing forex, which will lead to a 15% shift in revenue composition for Dangote Cement from 75% currently.
The expected significant influx of forex into Nigeria through Dangote’s businesses will automatically strengthen the value of the local currency, making Nigeria’s Naira regain its value in the global market.
The world’s largest single-train refinery will process 650,000 barrels per day at full capacity, making it not only Africa’s largest oil refinery but also one of the world’s largest. The refineries will produce 53 million litres of petrol per day and 1.1 million tonnes per day, with a total storage capacity of 4.5 billion litres that can cover 20 days of Nigeria’s petrol consumption.
Dangote hinted that the company plans to list the Petrochemicals and Fertiliser segments on the Nigerian Exchange Group in the first quarter of 2025, allowing Nigerians to participate in the ownership of these companies. Aliko Dangote wants to make Nigeria self-sufficient in key sectors and boost Nigeria’s economy.
The Dangote Group has expanded from a commodity trading firm in 1978 to a diversified conglomerate with investments in cement, agriculture, fertilizer, petroleum, and other sectors. The aim is to empower young Nigerians with key roles across operations.
