By Barnabas Esiet.
Aliko Dangote, President of Dangote Group, has announced his company’s ambitious plan to become the leading supplier of foreign exchange in Nigeria’s market, projecting $30 billion in revenues by 2025.
This move is expected to saturate the forex market, boost the value of the Naira, and make it competitive with international currencies worldwide.
The Dangote Refinery, which began full operations in 2024, aims to generate its forex needs independently without relying on the Central Bank of Nigeria (CBN).
The refinery has already reached its steady-state production phase and is expected to increase production to 500,000 barrels per day (bpd) by August, with plans to list on the Nigerian Exchange Group in the first quarter of 2025.
The facility, which includes Africa’s largest oil refinery and the world’s largest single-train facility, has a total storage capacity of 4.5 billion litres, sufficient to cover 20 days of Nigeria’s gasoline requirement.
The refinery is equipped with state-of-the-art loading gantries and marine facilities, making it a significant contributor to Nigeria’s economic growth.
Dangote’s transformation from a commodity trading company to a diversified conglomerate has been driven by the goal of achieving self-sufficiency in key sectors and bolstering Nigeria’s economy.
With its refinery and fertiliser complex, Dangote Group is poised to make a significant impact on Nigeria’s forex market and economy, making it a leader in the African market.
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