Politics
Dangote Group Sets $30 Billion Revenue Goal To Support Naira’s Strength
Dangote Group Sets $30 Billion Revenue Goal To Support Naira’s Strength....KINDLY READ THE FULL STORY HERE▶
During a recent tour of Dangote Petroleum Refinery & Petrochemicals and Dangote Fertilizer Limited with media executives, Dangote outlined his plan to reduce dependence on the Central Bank of Nigeria for foreign exchange…….. CONTINUE READING
As Africa’s richest man, he stated that the anticipated influx of foreign exchange from his businesses will enhance the value of the naira in the global economy.
The refinery, which began full operations in 2024, is currently focused on refining intermediate products, including polypropylene, naphtha, petrol, diesel, and jet fuel. It reached steady-state production in March 2024 and aims to increase output to 500,000 barrels per day by August, ultimately reaching 650,000 bpd by early 2025. Petrol production is set to commence in July, with sales starting in August.
Dangote also 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 invest in these companies. He noted that while the aim is to list by the end of the year, the latest target is by the end of Q1 2025, depending on market conditions.
The Dangote Refinery will process 650,000 barrels per day at full capacity, making it the largest oil refinery in Africa and the world’s largest single-train facility. Similarly, Dangote Fertilizer Limited operates Africa’s largest granulated urea fertilizer complex.
Currently, Dangote Cement holds the title of Nigeria’s most capitalized company.
**Additional Highlights:**
– The refinery has a total storage capacity of 4.5 billion liters, sufficient to meet 20 days of Nigeria’s crude needs and store products for 15 days of petrol consumption.
– It is expected to produce 53 million liters of petrol daily and 1.1 million tonnes of various products per day.
– The facility features 86 loading bays and specialized marine facilities for crude offloading and petroleum product loading.
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