Latest news with #TarabaInternationalInvestmentSummit2025
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.
