In a bold move to reshape Nigeria’s economic landscape, the Dangote Group has announced an ambitious plan to achieve $30 billion in revenues by 2025. This strategic initiative aims to position the conglomerate as a leading supplier of foreign exchange (FX) in the market, reducing its reliance on the Central Bank of Nigeria (CBN) for forex sourcing.

During a recent tour of the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, Aliko Dangote, President of the Dangote Group, outlined the company’s vision. He emphasized the significant role the refinery and fertiliser businesses will play in this transformation. The refinery, which began full operations in 2024, is expected to ramp up production to 650,000 barrels per day by early 2025.

Dangote highlighted a strategic shift in the revenue composition of the cement business, aiming to reduce its contribution from the current 75% to 15% in the future. This shift is part of a broader strategy to diversify revenue streams and enhance the inflow of foreign exchange into Nigeria, thereby boosting the value of the naira.

The Dangote Refinery, Africa’s largest oil refinery and the world’s largest single-train facility, will produce a variety of refined products, including petrol, diesel, and jet fuel. The refinery’s total storage capacity of 4.5 billion litres is sufficient to cover 20 days of Nigeria’s crude requirement and store products equivalent to 15 days of the country’s petrol consumption.

In addition to the refinery, Dangote Fertiliser Limited operates Africa’s largest Granulated Urea Fertiliser complex. Both the refinery and fertiliser businesses are set to be listed on the Nigerian Exchange Group by the first quarter of 2025, allowing Nigerians to participate in their ownership.

This ambitious plan underscores Dangote’s commitment to driving economic growth and stability in Nigeria. By becoming a major player in the FX market, the Dangote Group aims to strengthen the naira and contribute to the nation’s financial independence.