Africa’s richest man, Aliko Dangote, said he believes that in the next two years, his group of companies will start generating an annual turnover of $30 billion.
Dangote’s ambitious projection is based on the fact that Dangote Refinery Ltd, which has so far cost about $12 billion to construct, will soon become operational. The billionaire made the projection recently while speaking with some journalists in Lagos, Daily Trust reported.
It should be noted that companies under the Dangote Industries Limited (namely Dangote Cement, Dangote Sugar, and NASCON Allied) currently generate a total of $4 billion in collective annual revenue. These companies, which are all listed on the Nigerian Stock Exchange, account for a significant value of the Nigerian bourse.
In the meantime, the commencement date for Dangote Refinery has been shifted from 2020 to H1 2021. When it becomes operational, the Lagos-based refinery is expected to become the biggest in the world. It will refine some 650, 000 barrels of crude per day. In the same vein, the facility will also manufacture fertiliser and other chemicals.
Note that Dangote Refinery Ltd already has existing markets as its products will be shipped across Africa after meeting local demands. Recall that Nairametrics reported in December last year that Dangote Refinery could help save Nigeria about $10 billion in FOREX. This is because the country will stop petrol importation once the facility becomes operational.
Meanwhile, Aliko Dangote’s net worth is also expected to increase in the coming years. The billionaire is said to be worth about $15 billion and is currently among the top 100 wealthiest people in the world. He recently spoke about plans to invest parts of his wealth outside the shores of Africa in a bid to guard against currency fluctuations and other unfavourable economic realities.
As Nairametrics reported, part of his potential offshore investments could be to acquire the English football club, Arsenal. We understand that this could happen as early as next year.