Politics
Dangote Targets $30bn Revenue To Strengthen Naira
President of Dangote Group, Aliko Dangote, has said his businesses’ $30bn revenue target by the end of 2025 will boost the naira.
Dangote stated this on Sunday during a tour of Dangote Petroleum Refinery & Petrochemicals, and Dangote Fertiliser Limited by media executives, indicating a plan to attain independence from the Central Bank of Nigeria in foreign exchange sourcing.
He said the expected significant inflow of forex into Nigeria through his businesses will automatically boost the value of our local currency and make the naira regain its value in the comity of international currencies worldwide.
The refinery began full operations in 2024, initially focusing on refining intermediate products, such as polypropylene, naphtha, RCO, petrol, diesel, and jet fuel.
He explained that the refinery entered its steady-state production phase in March 2024.
He anticipated production ramping up to 500,000 barrels per day with 15 crude cargoes per month by August, increasing to 550,000 bpd by the end of the year, and aiming for 650,000 bpd by the first quarter of 2025.
“Petrol production will commence in July with sales from August”, he assured.
He also revealed that the group intends to list Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited on the Nigerian Exchange Group in the first quarter of 2025.
He added that this initiative would enable Nigerians to participate in the ownership of these companies.
“Due to the nature of our business with both the refinery and the fertiliser, we are aiming to list them by the end of this year.
“However, depending on circumstances, worst-case scenario, we anticipate listing them before the end of the first quarter of next year.
“This will allow us to offer shares for sale and enable Nigerians to participate as shareholders”, Dangote stated.
The Dangote Refinery, which will process 650,000 barrels per day at full capacity, stands as Africa’s largest oil refinery and the world’s largest single-train facility.
Also, Dangote Fertiliser Limited operates Africa’s largest granulated urea fertiliser complex.
Currently, Dangote Cement is Nigeria’s most capitalised company.
While noting that the total storage capacity of the refinery is 4.5 billion litres, sufficient to cover 20 days of Nigeria’s crude requirement and store products equivalent to 15 days of Nigeria’s petrol consumption, he stressed that the refinery would produce 53 million litres of petrol per day and 1.1 million tonnes per day.
He added that the refinery was equipped with dedicated loading gantries featuring 86 loading bays, along with specialised marine facilities for the offloading of crude and the loading of petroleum products.
The facility, he said, included a 900-kilotonne per annum polypropylene plant, with production capacities of 36,000 tonnes per annum for sulphur and 585,000 tonnes per annum for carbon black.
The Vice President of Oil and Gas, Dangote Industries Limited, Devakumar Edwin, reiterated the commitment of the company to enhance local capacity in critical sectors of the economy.
He said Dangote Industries Limited had empowered young Nigerians to assume key roles across its operations, with many even becoming expatriates in other nations.
Edwin stressed the refinery’s status as the world’s largest single-train complex constructed entirely by a Nigerian company, highlighting a significant achievement in local engineering and construction capabilities.
The Tide source reports that Prof. Akinoso was elected alongside 38 other executive members of the party at the congress held on Saturday.
Other executive members are Dr Abiola Olaonipekun, who emerged as Secretary, Alhaja Latifah Latifu, Women Leader and Mr A. Adeleke, elected as Youth Leader.
It was learnt that the congress, which took place at the Obafemi Awolowo Stadium, Oke Ado in Ibadan, was attended by representatives of the Independent National Electoral Commission (INEC), the Police, other security agencies and prominent members of the party.
The election was supervised by electoral committee members, among whom were Prince Diran Odeyemi, who served as Chairman, Hon. Awoniyi Tolulope, Mr Babatunde Gbadamosi, Queen Stepheine Oyechere, Alhaji Yusuf Abidakun, Mr Olumide Aguda and Dr Phillips Adeniyi, who served as Secretary.
Prof. Akinoso, in his inaugural address, urged members of the party to set aside intra-party differences.
He advised them to concentrate their resources on the promotion of the party, saying, “The primary responsibilities of party executive members are to coordinate party activities, ensure harmony among members, and ensure party victory during general elections.
“Our immediate assignments are to key into INEC released 2027 general election time-tables. As directed by the National Caretaker Committee of PDP, our party e-membership registration starts next week. We must be fully involved and do a membership drive.
“A political party is only relevant and benefits its members if it wins the election. This is our goal. We should set aside intra-party differences; concentrate our resources towards the promotion of the party. We will make necessary consultations and dialogue to actualise this”.
President Tinubu disclosed this during an interfaith breaking of fast with senior journalists and media executives at the Presidential Villa in Abuja on Saturday.
He also disclosed that his administration had opened up on the principles of true federalism to the extent that local governments now get direct allocation from the Federal Government.
“There’s no morning that I ever leave my house without going through the newspapers. It’s an addiction. I read all of you.
“It might not be in full detail, but headline, the one that would hit me and the ones that won’t.
“At the beginning of this administration, I was just a little bit stubborn, looking at opportunities to correct things and make life more easier for the downtrodden.
“We’ve opened up the principle of federalism to the extent that local governments are now getting their money, but how they use it is in your hands. So, don’t bombard me alone,” President Tinubu said.
The ruling party said the ADC had turned criticism of the APC-led administration into its operating manifesto instead of presenting concrete solutions to Nigeria’s economic challenges.
In a statement issued on Saturday by the APC National Publicity Secretary, Mr Felix Morka, the party dismissed the ADC’s interpretation of a report presented at a policy dialogue organised by Agora Policy which suggested that the country’s poverty rate had risen from 49 per cent to 63 per cent.
Mr Morka said the opposition party’s reaction to the report as a “damning verdict” on the government’s economic policies reflected either ignorance of economic realities or deliberate political mischief.
“The African Democratic Congress’ attempt to spin a recent report presented at the Agora Policy dialogue indicating a rise of poverty rate of 63 per cent from 49 per cent as a damning verdict on this administration’s economic policies speaks either to its shocking ignorance of economic policy or its wilful blindness to the justification for, and transformative impacts of, ongoing economic reforms,” he said.
The APC spokesman noted that the report itself recognised the necessity of reforms aimed at correcting long-standing structural distortions in the economy.
According to him, the ADC had failed to present any credible alternative policy direction for Nigerians.
“Clearly, the ADC does not recognise itself as a political party. The ADC has not articulated a single alternative policy position or prescription of benefit to Nigerians. Condemning the APC and its policies has become its operating manifesto,” Mr Morka said.
He explained that major economic decisions taken by President Bola Tinubu, including the removal of fuel subsidy and the unification of multiple foreign exchange windows, were necessary steps to rescue the country’s economy from collapse.
Mr Morka said the subsidy regime had for years placed a heavy burden on public finances, consuming trillions of naira annually while encouraging corruption, fuel smuggling and inefficiencies in the system.
He added that the reforms had helped redirect national resources to key sectors such as infrastructure, healthcare, education and social development.
The APC spokesman acknowledged that economic reforms often come with short-term hardship but stressed that the measures were essential to build a stronger and more resilient economy.
“Economic reform is never cost-free anywhere in the world. The transient hardship experienced by Nigerians was an inevitable cost of reforms meant to build and guarantee a better future for all Nigerians,” he said.
Mr Morka maintained that the country’s economic outlook was already improving, citing recent growth figures and stronger external reserves.
“Our economy has rebounded and is expanding steadily. The country’s Gross Domestic Product grew by 4.4 per cent last year and is projected to expand by 5.5 per cent this fiscal year, with foreign reserves now exceeding $50 billion,” he stated.
He also pointed to government initiatives designed to cushion the effects of economic adjustments on citizens, including cash transfer programmes, student loan schemes and the rollout of compressed natural gas (CNG) initiatives to reduce transportation costs.
Mr Morka reaffirmed that the APC-led administration would remain focused on rebuilding the economy and expanding social investments to support vulnerable Nigerians.
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