By the first quarter of 2025, the Dangote Petroleum Refinery and the fertilizer factory would be placed on the stock market, according to CEO of Dangote Industries Ltd. Aliko Dangote.
At a media briefing and media executives’ escorted tour of the refinery and fertiliser factory on Sunday in Lagos, Mr. Dangote made this announcement. He said that the company had spent $2.5 billion on the fertiliser factory and $20 billion on the refinery.
He referred to the refinery’s completion as Dangote Industries Ltd.’s next significant achievement.
With a daily refining capacity of 650,000 barrels, it is the largest single train refinery globally. It signifies the achievement of petroleum product self-sufficiency in domestic refining and offers extra capacity in refined goods intended for the export market, according to Mr. Dangote.
He mentioned that Dangote Industries Ltd. intended to make sure that its excess would be exported in addition to being sold domestically. Regarding funding, he stated that 7.2% of the refinery’s total shares were given by the federal government.
He said that the refinery had lowered the price of diesel to less than N1,100 per liter three times in a row.
Mr. Dangote mentioned that the group was expected to get $325 million a year from the export of cement alone. He added that Dangote Cement Plc had ambitions to expand its capacity in the cement business by nine million tons.
He emphasized that the firm was the only robot-using cement industry in Africa.
In addition to accumulating and preserving wealth, Mr. Dangote counseled Nigerians to make investments in the nation to entice overseas capitalists to follow suit. However, in order to put the economy on a more stable foundation, he recommended Nigerian businessmen not to rely too heavily on imports.
He claims that relying too much on imports will make the country impoverished and into a landfill.
Growing the economy and manufacturing are preferable. We might not be able to compete with other countries if we allow imports to a great extent. stated Mr. Dangote.