Emmanuel OchayiDangote Group’s Major Move
Dangote Group, Africa’s largest conglomerate, has announced plans to list its much-anticipated Dangote Refinery and fertiliser plants on the Nigerian Exchange Group by the first quarter of 2025.
This move is a milestone for both the company and the Nigerian economy, signaling a new phase of growth and opportunity.
Join our WhatsApp ChannelStrategic Expansion
Listing the Dangote Refinery and fertiliser plants is part of Dangote Group’s strategy to expand its investor base and unlock further value for shareholders.
“We are excited about the prospects this listing brings,” said Aliko Dangote, Chairman of Dangote Group. “It will allow us to bring more investors on board and enhance transparency and governance in our operations.”
Reducing Dependence on Imports
The Dangote Refinery, touted as Africa’s largest, is expected to significantly reduce Nigeria’s dependence on imported petroleum products.
With a capacity of 650,000 barrels per day, the refinery aims to meet local demand and even export to other countries.
“This refinery will change the landscape of the Nigerian oil industry,” noted Dangote. “It will ensure that Nigeria becomes self-sufficient in petroleum products.”
Revolutionising Agriculture
Similarly, the fertiliser plant is poised to revolutionise agriculture in Nigeria and across Africa. By providing affordable and readily available fertilisers, it aims to boost agricultural productivity.
“Our fertiliser plant will provide much-needed support to farmers,” said Dangote. “It will help improve yields and ensure food security across the continent.”
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About the Dangote Refinery
The Dangote Refinery and Petrochemicals facility is regarded as Africa’s biggest oil refinery and the world’s largest single-train facility.
With state-of-the-art technologies and a capacity of 650,000 barrels per day, it includes dedicated loading gantries with 86 loading bays and marina facilities for crude and petroleum products.
Additionally, the facility houses a 900 ktpa polypropylene plant, a 36 ktpa sulfur plant, and a 585 ktpa carbon black production unit.
The total storage capacity is 4.5 billion liters, covering 20 days of crude requirements and 15 days of Nigeria’s gasoline consumption.
Strategic Location
Located at the Lekki Free Trade Zone (FTZ), the Dangote Refinery has a logistical advantage for imports and exports.
Its proximity to the West African and Latin American markets, as well as Nigeria’s largest market for petroleum products, makes it strategically positioned for success.
Production Milestones
The Dangote Refinery project is now fully operational, with the successful completion of trial runs in January 2024.
The facility has entered its steady-state production phase, ramping up to 500,000 barrels per day by August 2024, and aiming to reach a full capacity of 650,000 barrels per day by Q1 2025.
Economic Impact
Gasoline production is expected to commence in July 2024, with sales starting in August. Annual revenue from the refinery is projected to exceed $26 billion.
“This project is not just about Dangote Group,” emphasized Dangote. “It’s about Nigeria’s future and our ability to harness our resources for sustainable development.”
Looking Ahead
The listing of Dangote Refinery and fertilizer plants on the Nigerian Exchange Group is more than a corporate milestone; it represents a significant leap for Nigeria’s industrial and economic landscape.
As the company opens its doors to a broader range of investors, it also paves the way for increased transparency and growth in the region. “We are proud to be at the forefront of this transformation,” concluded Dangote. “The future is bright for Dangote Group and Nigeria.”
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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