Aliko Dangote, President and Chief Executive of Dangote Industries Limited, says the group remains confident of achieving its target of generating $100 billion in annual revenue by 2030.
Dangote made the disclosure during a visit by senior executives of Goldman Sachs to the company’s integrated refinery, petrochemical and fertiliser complex in Lagos. He said detailed internal projections, based on conservative assumptions, had strengthened management’s belief that the target was attainable.
The billionaire businessman added that the projections could support an even more ambitious expansion strategy beyond the group’s current 2030 plan. He said future growth would be driven by new investments, acquisitions and continued expansion across the company’s businesses.
“No matter how we try to explain what we have built, you cannot fully appreciate it until you see it. But this is only the beginning,” Dangote said. “The next phase of our journey will include new investments and acquisitions as we continue to scale the business.”
He also pointed to the strong participation of employees in the recent private placement for the Dangote Petroleum Refinery as evidence of internal confidence in the group’s growth prospects and long-term strategy.
The Goldman Sachs delegation was led by Anthony Gutman, Co-Chief Executive Officer of Goldman Sachs International and Global Co-Head of Investment Banking. The team toured the 700,000-barrels-per-day refinery, Dangote Fertiliser Limited and related infrastructure.
Following the tour, Gutman and other Goldman Sachs executives described the project as an extraordinary achievement, praising its scale, quality, ambition and workforce culture. The visit provided the financial services firm with an opportunity to assess Dangote Industries’ operations and future expansion plans.
The delegation also included Adib N. Zouein, Co-Head of EMEA Emerging Markets Regional Sales and Head of the Middle East and North Africa region for Global Banking and Markets Public; Ryad Yousuf, Global Head of FICC Sales Strats and Structuring; and Jimi Adesanya, Head of Sub-Saharan Africa Sales, excluding South Africa.
They were received by Dangote Industries’ senior management team, including Group Vice President for Oil and Gas Devakumar Edwin, Dangote Refinery Managing Director David Bird, Group Executive Director for Oil and Gas Fatima Aliko Dangote and other executives.
Dangote Industries’ revenue ambitions are linked to expansion across refining, petrochemicals, fertiliser and other industrial businesses. The group is also pursuing plans to increase the refinery’s capacity to 1.4 million barrels per day, potentially making it one of the world’s largest refining facilities.