Dangote to Earn $30 Billion from Refinery, Cement, Sugar, Fertiliser, Other Businesses in 2024

Dangote to Earn $30 Billion from Refinery, Cement, Sugar, Fertiliser, Other Businesses in 2024

  • Billionaire businessman Aliko Dangote expects to make $30 billion in revenue from all of his companies in 2024
  • He said when the milestone is achieved, it would place the company among the top 120 companies in the world
  • Interestingly, Dangote hopes to bring in the bulk of the revenue of his conglomerate from Dangote Refinery

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

Alhaji Aliko Dangote, Africa's wealthiest individual, revealed his expectation that the total revenue from his businesses would surpass $30 billion by the close of 2024.

The Nigerian billionaire and founder of the Dangote Group is renowned for his extensive business empire, which includes subsidiaries specializing in a wide range of goods and services across various sectors of Nigeria's economy.

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Aliko Dangote
Dangote's eyes are fixed on the 650,000 barrels per day Dangote Refinery, which is poised to be the largest in Africa and Europe. Photo credit - Dangote Group, Market Force
Source: UGC

Dangote restructures group

In a CNN interview, Dangote expressed that this significant growth would position the Dangote Group among the top 120 largest companies globally.

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He attributed this optimistic forecast to recent company restructuring and the appointment of key personnel in crucial business segments, indicating that reaching the $30 billion target by year's end is feasible.

He said:

“We have divided the company now into two. We have myself as group president, then we have the group president, oil and gas and we have the group president of other businesses.
“And all these ones , when you combine, by the end of this year, we will have a group that will have $30 billion of revenues and that is big. It means that we will be among the biggest 120 companies in the world."

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All eyes on Dangote Refinery

For now, Dangote's eyes are fixed on the 650,000 barrels per day Dangote Refinery, poised to be the largest in Africa and Europe.

It has already begun selling diesel and aviation fuel, though its petrol has not yet been released to the market.

Dangote mentioned that the refinery's capacity exceeded Nigeria's needs and that it would be able to supply fuel to West, Central, and Southern Africa.

When asked if the $19 billion crude oil refinery in Lagos had begun generating profit, Dangote confidently stated that revenue would start flowing soon.

He emphasized that while the primary goal of running a business is to make money, he finds immense satisfaction in knowing that his efforts contribute to Africa's advancement.

In response to a question about the sufficiency of crude oil supply from domestic producers, Dangote remarked that while the Nigerian National Oil Company Limited (NNPC) is making commendable efforts, the International Oil Companies (IOCs) are accustomed to exporting their crude and are hesitant to adapt immediately.

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Dangote ranks among top billionaires in manufacturing

In related news, Legit.ng reported that Dangote has been ranked as the world’s sixth richest person in the manufacturing industry.

Insidermonkey.com, an American firm, carried out the ranking using a hybrid evaluation system to track insider transactions and other market anomalies and educate investors about the complexities of investing.

The Nigerian billionaire is the only African manufacturer among the top 25 billion ranked by the company.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng

Victor Enengedi avatar

Victor Enengedi (Business HOD) Victor Enengedi is a trained journalist with over a decade of experience in both print and online media platforms. He holds a degree in History and Diplomatic Studies from Olabisi Onabanjo University, Ogun State. An AFP-certified journalist, he functions as the Head of the Business Desk at Legit. He has also worked as Head of Editorial Operations at Nairametrics. He can be reached via victor.enengedi@corp.legit.ng and +2348063274521.

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