Latest news with #AlikoDangote
Business Insider
11 hours ago
- Business
- Business Insider
Dangote refinery extends U.S. crude buying spree into July
Dangote oil refinery plans to import at least five million barrels of U.S. West Texas Intermediate (WTI) crude oil in July, according to three trading sources familiar with the matter. The Dangote Refinery plans to import 5 million barrels of U.S. WTI crude oil in July 2023. The refinery has secured its July deliveries through tenders awarded to Vitol, Socar, and Glencore. The refinery's challenges include securing sufficient local crude supplies, supplemented by international imports. Dangote oil refinery plans to import at least five million barrels of U.S. West Texas Intermediate (WTI) crude oil in July, according to three trading sources familiar with the matter. The massive refinery, with a capacity of 650,000 barrels per day, is set to import around 161,000 barrels per day (bpd) of WTI crude in July after awarding tenders in recent days, the sources said. This comes after a record 300,000 bpd was booked in its June tenders. Commodity trader Vitol secured two million barrels for July delivery in the latest Dangote tender, Azerbaijan's state-owned Socar provided another two million barrels, and miner and trader Glencore sold the remaining one million barrels, Reuters reported. The sellers of the nine million barrels Dangote planned to import for June, according to an earlier tender, were not confirmed, as tender details are not publicly disclosed. Africa's largest refinery, the $20 billion Dangote Petroleum Refinery, has been sourcing crude oil from international suppliers to supplement its domestic deliveries as it continues to scale up operations. Dangote's previous record for U.S. crude imports was 173,000 bpd in April, according to data from global shipping analytics firm Kpler. Despite its massive capacity, making it larger than Europe's ten biggest refineries, Dangote Refinery has struggled to secure adequate crude supplies locally. To address this, founder Aliko Dangote announced that the company would source crude from other African-producing nations to maintain production levels. Dangote Petroleum Refinery and the state-owned Nigerian National Petroleum Company Limited (NNPC) have had disagreements, particularly regarding the naira for crude deal. However, in March, NNPC confirmed ongoing negotiations for a new naira-for-crude deal with Dangote Petroleum Refinery.
Bloomberg
3 days ago
- Business
- Bloomberg
Dangote Ends Nigeria's Run as Africa's Biggest Fuel Importer
Nigeria's time as Africa's biggest fuel importer has ended as the Dangote mega-refinery boosts production. The title is now held by South Africa, where operational fuel-making capacity has shrunk, according to a consultancy. Billionaire Aliko Dangote 's 650,000-barrel-a-day plant started ramping up in 2024, part of Africa's leading crude producer's aim to stop sending oil to Europe to be processed and shipped back.
Business Insider
24-05-2025
- Business
- Business Insider
Africa's richest man, Dangote, announces major investment to boost rice production
Aliko Dangote, Africa's richest man, has announced a major agricultural investment in northern Nigeria, in partnership with the state government, to boost rice production and enhance food security. Aliko Dangote, Africa's wealthiest individual, announces a significant agricultural investment in northern Nigeria. A state-of-the-art rice mill, with a production capacity of 32 metric tons per hour, is being constructed on a 30-hectare site. The project is part of the Niger Food Initiative, aimed at improving food security and supporting local farmers. At a trade fair spearheaded by the Dangote Group, Fatima Abdurrahman, Senior Special Adviser to the President of the Dangote Group, confirmed the multi-billion naira initiative. The company disclosed that it is constructing a high-capacity rice mill with a production capacity of 32 metric tons per hour on a 30-hectare site. Abdurrahman described the project as a key component of the Niger Food Initiative, a public-private agricultural development program launched by the state government. 'As part of our commitment to advancing agriculture, we plan to establish one of the largest rice mills here in Niger State,' She said. Facility infrastructure and benefits The facility will feature 32 silos, each capable of storing 2,500 metric tons of paddy rice, and a 5.8-megawatt captive power plant to ensure uninterrupted operations. ' This state-of-the-art facility ensures high efficiency, minimal waste, and premium-quality output, ' Abdurrahman added. Beyond infrastructure, the Dangote Group will operate as a 100% off-taker for rice produced by local farmers under the out-grower scheme. The conglomerate will also be a major supplier of essential inputs, such as fertilizers and seedlings, supporting thousands of smallholder farmers across the state. She further emphasized the project's significant social and economic impact, highlighting that it will create substantial employment opportunities and strengthen the agricultural value chain. A representative of the Minister of State for Agriculture and Food Security, Sabi Abdullahi, joined the conversation, reiterating that commercial agriculture is a major focus of President Bola Tinubu's economic development agenda. Abdurrahman concluded by describing the rice mill as a cutting-edge facility that integrates the latest milling technologies for efficient, high-quality, and sustainable production. 'Once operational, it will not only boost local rice production but also strengthen the entire agricultural value chain, from farm to market. ' she said.
Business Insider
22-05-2025
- Business
- Business Insider
Dangote reveals the FG earns 52 kobo from every N1 generated by his cement company
Aliko Dangote, Africa's richest man, has revealed that the Federal Government of Nigeria earns as much as 52 kobo from every N1 generated by his cement company. Aliko Dangote, Africa's richest man, disclosed that the Nigerian Federal Government earns substantial revenue from his cement company. His cement company operates across over 10 countries and has significantly reduced Africa's reliance on imported cement. Dangote pledged continued investment in Nigeria, highlighting the importance of job creation and societal impact. Aliko Dangote, Africa's richest man, has revealed that the Federal Government of Nigeria earns as much as 52 kobo from every N1 generated by his cement company. He made this known at the Taraba International Investment Summit 2025 in Jalingo. Speaking at an investment forum, Dangote stressed the importance of government support for private enterprises, noting that when businesses thrive, the country benefits significantly through tax revenue and job creation. What Dangote said: "You know, I'm sure it might be shocking to you to know that the federal government of Nigeria, not even the states, makes more money from, for example, our cement business,' he said. For every one naira we turn around, 52 kobo goes to the federal government of Nigeria." Dangote Cement is Africa's largest cement producer, operating in over 10 countries, including Nigeria, Ethiopia, Tanzania, and South Africa. The company has a production capacity of over 51 million metric tons per year, helping to reduce Africa's reliance on imported cement, according to estimates. Dangote used the opportunity to reiterate his long-standing position that while governments are not meant to run businesses, they play a crucial role in creating an enabling environment for enterprises to grow. 'Governments don't have to own businesses to generate income,' he said. 'Have you ever heard of the American government owning an oil block? No, the American government doesn't own an oil block. And they are the biggest producers of oil today in the world. But they make their money through taxes.' He said the only way to grow the economy and create wealth is through the private sector, and that government and businesses must work closely together. Dangote also promised that his company would keep investing in Nigeria. 'We are not going anywhere to invest, this is home. We want to remain at home. We want to keep investing in Nigeria. We want to keep creating jobs. At the end of the day, no one will take a dime to the grave. What gives us true satisfaction as human beings is knowing we've impacted the lives of others," he stated.
Business Insider
22-05-2025
- Business
- Business Insider
Dangote could have made $120b from big tech, but he chose to build for Nigeria
The Nigerian government has praised billionaire industrialist Aliko Dangote for prioritising national development over potential windfalls from global tech investments, in a tribute that stresses the importance of the $19 billion Dangote Refinery. Speaking at the opening of the Taraba International Investment Summit 2025 in Jalingo, Vice President Kashim Shettima, who represented President Tinubu, stressed that business mogul Aliko Dangote could have chosen to channel his resources into lucrative international companies like Microsoft, Amazon, or Google. 'I want to celebrate the greatest black man in the last 300 years, who single-handedly established the largest single train refinery in the world..." 'He started this project in 2007/2008. If he had invested the $19 billion that it took him to set up the Dangote Refinery in Microsoft, in Amazon, in Google, he is going to be worth $120 billion now," 'But he decided to invest in his own country. Alhaji Aliko Dangote, we are mightily proud of you, ' he said. He emphasised that Nigeria's economic transformation must start at the grassroots level and be powered by locally sourced resources. Dangote Refinery The Dangote Refinery, the largest single-train oil refinery globally and the biggest in Africa, marks Aliko Dangote's most ambitious project yet. Dangote's net worth doubled to $28 billion last year following the launch of the Refinery. This milestone not only boosted his wealth from about $13 billion but also solidified his position as Africa's richest man. Designed to process 650,000 barrels of crude oil per day, the refinery is expected to significantly reduce Nigeria's dependence on imported refined petroleum products, a long-standing issue in Africa's biggest oil-producing nation. Although delayed for several years, the Dangote Refinery, Africa's largest, built by the continent's richest man, Aliko Dangote, officially began production of diesel, naphtha, and jet fuel in January last year, followed by petrol production in September. The massive facility surpasses the capacity of Europe's 10 largest refineries. According to the Organisation of the Petroleum Exporting Countries (OPEC), Dangote's oil push in Nigeria is already starting to disrupt the European oil market.
