Dangote Shares Plan to Turn Africa Into Heaven in 5 Years

• Aliko Dangote, Africa's richest man, has urged Africans to think boldly and long-term, claiming that the continent could become a "heaven" in five years.
• He has dedicated his wealth and efforts to advancing Africa, exemplified by the construction of the Dangote Refinery, the largest single-train oil refinery in the world
• Dangote predicts his company will achieve $30 billion in total revenue next year and plans to overtake Qatar as the world’s largest urea exporter within four years

Legit.ng journalist Zainab Iwayemi has 5 years of experience covering the Economy, Technology, and Capital Market.

Aliko Dangote, the richest man in Africa, has challenged Africans to think boldly and with a long-term perspective, claiming that the continent might become a "heaven" in as little as five years.

He made the comments during his speech at the African Export-Import Bank's (Afreximbank) 32nd Annual Meeting.

“We can actually turn Africa into heaven in the next five years. It doesn’t take time. Like I keep saying: You need to think big, and then you grow big,” Dangote stated.

“We African champions should know that we are the only people who can make Africa great. Nobody will do that for us. So, as such, we need to ensure we focus. We believe in our own continent. The job of people like us is not about amassing wealth. It’s about creating wealth," he added.

The leading African businessman has long supported funding for the continent's advancement. The Nigerian government recently praised his dedication for putting the country's progress ahead of the lure of digital windfalls.

Dangote could have increased his wealth to $120 billion by placing bets on multinational giants like Amazon, Microsoft, or Google. Instead, he chose to construct the largest single-train oil refinery in the world, located in Lagos.

Africa’s energy future

Valued at $20 billion, the Dangote Refinery is now Africa’s biggest and a transformative force in the region’s energy sector.

Although delayed for several years, the refinery officially began production of diesel, naphtha, and jet fuel in January last year, followed by petrol production in September.

The enormous plant occupies more space than the ten largest refineries in Europe combined. The Organisation of the Petroleum Exporting Countries (OPEC) claims that the European oil market is already beginning to feel the effects of Dangote's oil drive in Nigeria.

Businessinsider reported that economists estimate that the long-standing gasoline trade, worth $17 billion a year, between Europe and Africa could come to an end as a result of the Dangote plant.

Earlier this year, amid mounting fears among international firms about the possible impact of U.S. President Donald Trump's trade tariffs, Aliko Dangote predicted that his company would achieve $30 billion in total revenue next year.

He also added that within the next four years, the firm hopes to overtake Qatar as the largest urea exporter in the world.

Nigerians, however, believe that when the refinery begins to run on full capacity, it will benefit Nigerians.

Ada Chidiebere said,

"What we are seeing right now is just a tip of the iceberg. With Dangote refinery running on full capacity, this will boost the Nigerian economy."

Plans to list fertiliser company on NGX

Legit.ng reported that Aliko Dangote, Chairman of the Dangote Group, has stated that the conglomerate will soon list Dangote Fertiliser Limited on the Nigerian Exchange Limited (NGX).

The Nigerian billionaire disclosed this as the Group Chairman of the NGX Group, Umaru Kwairanga, applauded the Nigerian investor for contributions to the Nigerian capital market and private sector development.

The development came amid a courtesy visit to the Dangote Refinery by capital market operators and stakeholders.

Source: Legit.ng