Latest news with #Dangote
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
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.
Reuters
22-05-2025
- Business
- Reuters
Nigeria's Dangote refinery agrees to export polypropylene with Vinmar
LAGOS, May 22 (Reuters) - The Dangote Petroleum Refinery and Petrochemicals said it will partner with Vinmar Group, an international petrochemicals distribution company, to bring Dangote polypropylene to global markets. Dangote's $2 billion Petrochemical Plant in Lagos with 830MT tonnes capacity, began producing polypropylene in March, in 25kg bags for the local market. "We're pleased to partner Vinmar to introduce Dangote Polypropylene to the global markets," said Fatima Aliko Dangote, an executive director at Dangote Group at the launch of the facility on Wednesday. Nigeria currently imports 90% of its annual polypropylene requirements amounting to 250,000 metric tonnes per year. The Dangote facility seeks to not only meet local demand but become a net exporter Fully operational, the facility is set to become Africa's largest polypropylene production site, producing from two polypropylene units with capacities of 500,000 mt/year and 330,000 mt/year.
Business Insider
21-05-2025
- Business
- Business Insider
Naira-for-crude deal helping Nigerians pay less for petrol
The Dangote Petroleum Refinery has announced that its naira-for-crude oil agreement with the Nigerian government has enabled it to lower petrol prices, ultimately reducing costs at fuel stations for Nigerian consumers. Dangote Petroleum Refinery implemented a naira-for-crude oil agreement to reduce petrol prices in Nigeria. The initiative supports price stability and contributes to national economic development. Collaboration with the Nigerian government aligns with the 'Nigeria First Policy' to prioritize local goods and services. The Dangote Petroleum Refinery has announced that its naira-for-crude oil agreement with the Nigerian government has enabled it to lower petrol prices, ultimately reducing costs at fuel stations for Nigerian consumers. In a statement, the company's Group Chief Branding and Communications Officer, Anthony Chiejina, said that even though global crude oil prices keep changing, Dangote has continued to reduce petrol prices and promised to keep them stable and affordable. The company reaffirmed that price stability is part of its broader mission to contribute positively to national economic development. The statement read: 'We are immensely grateful to President Bola Tinubu for making this possible through the commendable naira-for-crude initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians, ' the statement stated. 'Our approach aligns with the objectives of the Federal Government's 'Nigeria First Policy', which promotes the prioritisation of locally-produced goods and services. Naira to crude controversy In March, reports emerged that the Nigerian National Petroleum Company (NNPC) had halted its naira-for-oil program, which had allowed local refineries to buy crude oil using the Nigerian currency. The news sparked concerns that the move could lead to a rise in fuel prices and increased pressure on the foreign exchange market. However, NNPC clarified that the agreement was a six-month pilot deal, dependent on crude availability, and scheduled to expire at the end of March 2025. Since the start of operations in 2023, NNPC has supplied the Dangote Refinery with over 84 million barrels of crude oil. The state oil company also confirmed it has begun talks with Dangote Refinery to extend the naira-denominated crude oil supply contract, reinforcing ongoing collaboration to ensure energy stability. By refining oil within Nigeria at its large refinery, Dangote said it is helping the country save foreign exchange, improve energy security, and boost the economy, supporting President Tinubu's economic recovery plan.
