Africa’s richest man, Aliko Dangote, is targeting a jump in his conglomerate’s revenue to $100 billion compared to $18 billion it currently stands at as part of his growth plans for the next five years.
The industrialist is also aiming to reach a market capitalisation in excess of $200 billion after it lists its $20 billion refinery on the Nigerian Exchange next year.
“By 2030, the Dangote Group will become a $100bn revenue enterprise. When we get there, we will be among the top 100 companies in the world. We will also have over $200 billion in market capitalisation,” Dangote, who is the president of the Dangote Group, said.
Dangote said the group is working with the regulators, including the Nigerian Exchange and Securities Exchange Commission, to ensure that after listing, dividends will be paid in dollars.
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The initial public offering, slated for 2026, will allow investors to purchase stakes in naira but receive returns in hard currency, a rare hedge for both local and foreign investors.
“You buy in naira, but you get dividends in dollars,” Dangote said. He stated that the payout would be funded by $6.4 billion in projected revenue from the company’s petrochemical exports, specifically polypropylene and fertiliser.
As part of its expansion strategy, the president said the group will be doubling the capacity of the refinery to hit 1.4 million barrels per day, compared with 650,000 barrels per day it currently produces.
According to Dangote, revenues have grown from $3.3 billion to $18 billion over the past five years, with earnings before interest, tax, depreciation and amortisation (EBITDA) rising from $1.8 billion to $2.8 billion.
The group intends to float a 10 percent stake in the refinery and petrochemicals complex on the NGX. While international secondary listings remain an option, Dangote emphasised that the primary focus is the domestic market.
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“We want the Dangote Refinery to be the golden stock of the exchange,” he said.
The 650,000-barrel-a-day refinery, which began producing diesel and aviation fuel in January and petrol in September, is central to Nigeria’s efforts to end its dependence on imported fuel. Dangote also outlined plans to more than double the facility’s capacity to 1.4m bpd within three years.
Dangote Industries already controls three listed entities in the country’s bourse, including Dangote Sugar Refinery, NASCON Allied Industries, and Dangote Cement, with the latter being among the NGX’s top three most valuable companies.
