LIVE UPDATES
The President of Dangote Group, Aliko Dangote, has announced that his company's goal of reaching a revenue of $30 billion by the end of 2025 will have a positive impact on the Nigerian currency.
During a tour of Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited, he expressed his intention to achieve independence from the Central Bank of Nigeria in foreign exchange sourcing.
Dangote, the wealthiest man in Africa, stated that the substantial foreign exchange inflow into Nigeria from his businesses will contribute to the strengthening of the local currency, allowing the naira to regain its value globally.
The refinery, which began full operations in 2024, initially focuses on refining intermediate products such as polypropylene, naphtha, RCO, petrol, diesel, and jet fuel.
He further explained that the refinery reached its steady-state production phase in March 2024 and anticipates ramping up production to 500,000 barrels per day with 15 crude cargoes per month by August.
This is expected to increase to 550,000 bpd by the end of the year and reach 650,000 bpd by the first quarter of 2025.
Dangote promised that petrol production would begin in July with sales starting from August.
Additionally, he revealed plans to list Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited on the Nigerian Exchange Group in the first quarter of 2025, allowing Nigerians to participate in the ownership of these companies.
Dangote emphasized the intention to offer shares for sale and enable Nigerians to become shareholders in these ventures.
The Dangote Refinery, set to process 650,000 barrels per day at full capacity, is positioned as Africa's largest oil refinery
