Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, says the group is on course to achieve its goal of generating $100 billion in annual revenue by 2030.
He made the statement during a visit by senior Goldman Sachs executives to the Dangote industrial complex in Lagos. Dangote said the group’s internal financial modelling, based on conservative assumptions, had reinforced management’s confidence in the target.
The delegation was led by Anthony Gutman, Co-Chief Executive Officer of Goldman Sachs International and Global Co-Head of Investment Banking. It toured the Dangote Petroleum Refinery and Petrochemicals complex, Dangote Fertiliser Limited and other supporting infrastructure.
Dangote said the projections had also encouraged the group to consider a more ambitious expansion strategy beyond 2030. He explained that the next stage of growth would involve fresh investments and acquisitions across the company’s expanding portfolio.
According to him, the strong participation of employees in the recent private placement involving the petroleum refinery further demonstrated internal confidence in the group’s direction and future prospects.
Dangote described the refinery and related industrial facilities as evidence of what long-term investment can achieve in Africa. He said the scale of the complex could not be fully appreciated without seeing it firsthand and stressed that the project represented only the beginning of the group’s wider growth plans.
Following the tour of the 700,000-barrels-per-day refinery, the Goldman Sachs executives praised the project’s ambition, scale, quality and workforce culture. Gutman described the achievement as extraordinary and said the visit provided a powerful impression of the organisation’s capabilities.
The Goldman Sachs delegation included Adib N. Zouein, Co-Head of EMEA Emerging Markets Regional Sales; 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 executives, 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, Chief Economist Hassan Mahmud and Group Chief Strategy Officer Aliyu Suleiman.
The revenue target is expected to be supported by growth in refining, fertiliser, petrochemicals and cement, alongside expansion into other industrial sectors. Dangote is also pursuing plans to increase the Lagos refinery’s capacity from 650,000 barrels per day to 1.4 million barrels per day.