Aliko Dangote, founder of the Dangote Group and Africa’s richest person, recently revealed ambitious plans for his conglomerate. In a CNN interview, he predicted the company’s total revenue will reach a staggering $30 billion by the end of 2024.

This significant growth, according to Dangote, will propel the Dangote Group into the elite group of the world’s 120 largest companies. He attributed this confidence to a recent company restructuring, placing key personnel at the helm of vital business segments.

“We’ve now divided the company into two,” Dangote explained. “There’s myself as group president, then a separate group president for oil and gas, and another for our other businesses.”

He emphasized the combined strength of these divisions, stating, “By year-end, we’ll have a group with $30 billion in revenue, which is significant. It means we’ll be among the world’s top 120 companies.”

Dangote also highlighted the game-changing potential of their recently completed oil refinery. He anticipates a reduction in reliance on foreign oil imports and a potential decrease in carbon emissions by 2 million tonnes, as the refinery can meet Nigeria’s entire petroleum product needs.

However, Dangote expressed concerns about Africa’s low intra-continental trade volume, currently at only 16%. He sees the African Continental Free Trade Area (AFCTA) as a potential solution, but emphasized the need for further progress.

“The AFCTA holds immense potential,” Dangote said. “Our company stands to be among the top five beneficiaries of this free trade agreement.”

Despite his optimism, Dangote acknowledged a lack of improvement in intra-African trade. He pointed to personal experiences, like needing a visa to travel to fellow AFCTA member Egypt, as an example of hurdles that need to be addressed.

“We have products to export – petroleum and cement. The free trade agreement needs to function effectively,” Dangote stressed. “To overcome this hurdle, we need all regional markets to work together. Visa requirements must be eliminated, and there needs to be free movement of people, goods, and services. Otherwise, the AFCTA will struggle.”

Dangote emphasized the importance of integration for African prosperity. He lamented the decline of “Ministry of Integration” initiatives in some African countries.

Looking towards the future, Dangote expressed confidence in his three children’s ability to lead parts of his vast business empire alongside other executives.