President and Chief Executive of Dangote Group, Aliko Dangote, has said the company could exceed its projected $100 billion revenue target before 2030, in what would mark an unprecedented financial milestone for an African business.
Dangote made the remarks on Wednesday in an interview with journalists after leading top executives on a tour of the Dangote Refinery complex.
“The question is that, you know, I believe by the Almighty’s grace, we will definitely, you know, if we stay at $100 billion by 2030, then definitely we have not done a hard work. I think we’ll cross that number,” Dangote said.
“This one is just a guide. Worst case, if we come out with $100 billion revenue, it means that, yes, we have tried, but we didn’t work hard.”
If achieved, the target would place Dangote Group in a revenue category no African company has reached before. The continent’s biggest companies by annual revenue have historically remained below the $80 billion mark, even during peak commodity cycles.
Sonatrach, Algeria’s state-owned energy giant and Africa’s largest company by revenue, has at times recorded revenues of above $80 billion in strong oil market years.
A revenue figure above $100 billion would therefore not only set a new African corporate record, but would also at least triple the current annual revenue level of Dangote Group.
Dangote linked the growth ambition to the expansion of the refinery and broader industrial operations across the continent. He described the refinery project as one of the world’s largest industrial investments.
“We are going to have 10% of the refining capacity of the entire America. 10% of the entire America’s production in terms of refining,” he said.
“And it’s going to be the largest refinery ever on the earth. So it’s not a small business. It is a very, very big business.”
Dangote also said the group’s long-standing relationship with its banking partners would remain central to achieving its growth plans.
“Our banks, they believe so much in us. And we believe that we owe it as a duty to also grow together with them,” he said.
“And we’re a very innovative company, but we’re very traditional. When I say traditional, the banks that have helped us to get to where we are, they are going to continue to be with us. We are not fair-weather friends.”
Faridah Abdulkadiri
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