The President and Chief Executive of Dangote Industries Ltd., Alhaji Aliko Dangote, announced that the Dangote Petroleum Refinery and the fertiliser plant would be listed in the capital market by the first quarter of 2025.
Speaking on Sunday in Lagos at a media parley and guided tour of the refinery and fertiliser plant, Dangote highlighted that the conglomerate had invested $20 billion in the refinery and $2.5 billion in the fertiliser plant.
He described the completion of the refinery as a significant milestone for Dangote Industries Ltd.
“It is the largest single-train refinery in the world with a refining capacity of 650,000 barrels per day,” Dangote said. “It marks the attainment of self-sufficiency in domestic refining of petroleum products and provides excess capacity in refined products which will go for the export market.”
Dangote emphasized that the company aims to ensure that apart from domestic sales, it would export the excess products.
Regarding funding, he mentioned that the Federal Government holds 7.2% of the total shares in the refinery. He also noted that the refinery had managed to bring the price of diesel below N1,100 per litre on three occasions.
He projected that the exportation of cement alone would generate $325 million annually for the conglomerate. Additionally, plans are underway to add nine million tonnes of capacity to the cement industry by Dangote Cement Plc, which boasts the only cement company in Africa using robots.
Dangote urged Nigerians to invest in the country to attract foreign investors and strengthen the economy. He cautioned against import dependency, stating that it would impoverish the nation and turn it into a dumping ground.
“It is better to manufacture and grow the economy. If we allow imports so much, we may not be able to compete with other nations,” Dangote said.
