Dangote Industries Aims to Reach $30 Billion in Revenue by 2025
Dangote Industries, led by Nigerian billionaire and businessman Aliko Dangote, is targeting a revenue of $30 billion by the end of 2025. This would make the company a major contributor to Nigeria's foreign exchange resources.
"We're trying to completely wean ourselves off foreign exchange demand from the Central Bank of Nigeria and become the largest supplier of foreign exchange in the forex market," Dangote stated.
However, achieving this goal is still uncertain. The group has three listed companies on the Nigerian Stock Exchange (Lagos Stock Exchange) that regularly publish their financial reports. According to the published figures, their consolidated revenue reached $3.1 billion in 2023. However, it is difficult to estimate the revenue of the holding company's other activities.
The refinery, officially completed in early 2024, is expected to reach full production capacity in the coming months. According to local media estimates, the revenue was $5.2 billion in 2022, citing Dangote.
In the current context, Dangote Industries' goal seems coherent. The company's leaders have recently reported difficulties in sourcing crude oil from local producers, forcing them to import crude oil on the international market. This results in higher costs due to transportation and requires foreign exchange to cover operating expenses, in a context where the country is struggling to stabilize its foreign exchange reserves.
Over the years, Nigeria's ability to attract foreign exchange resources has deteriorated, from a record high of $24 billion in 2019 to $4 billion in 2023. Dangote also plans to reduce sugar imports to increase its contribution to the country's foreign exchange resources. By positioning itself as a major supplier of foreign exchange through improved revenue, Dangote is giving itself the means to become a systemically important company that is too big to fail.
