The President of Dangote Group, Aliko Dangote, has said that the $30bn revenue the company plans to generate by 2025 ending will strengthen the naira.
This was disclosed by Dangote on Sunday during a tour of the Dangote Fertiliser Limited and Dangote Petroleum Refinery & Petrochemicals, signaling a strategy to become independent from the Central Bank of Nigeria in terms of foreign exchange sourcing, according to The Punch.
According to him, the substantial amount of foreign exchange that his companies are expected to bring into Nigeria will naturally increase the value of our domestic currency and help the naira restore its standing among other world currencies.
In 2024, the refinery commenced its full operations with an initial concentration on the refining of intermediate products, which included petrol, diesel, jet fuel, polypropylene, naphtha, and RCO.
He clarified that in March 2024, the refinery began its steady-state production phase. Moreover, he projected that by August, production will increase to 500,000 barrels per day with 15 crude cargoes each month, reaching 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,” assured Dangote
Additionally, he disclosed that the group plans to list Dangote Fertilizer Limited and Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange Group in the first quarter of 2025.
He further said that Nigerians would be allowed to take a stake in these businesses.
“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.
Dangote refinery with a capacity of 650,000 barrels will be the largest in Africa and Europe when operating at full capacity.
