In a declaration at the all African Renaissance Retreat held in Kigali, Rwanda, Aliko Dangote, President of the Dangote Group, announced that his conglomerate is set to surpass $30 billion in revenue by the end of 2025.
This ambitious target comes despite numerous challenges facing businesses across Africa. "We'll defeat all odds to exceed $30bn revenue by 2025," Dangote stated confidently. He emphasized the importance of African business leaders taking the lead in transforming the continent, leveraging its youthful population and abundant natural resources.
Africa holds about 30 percent of the world's mineral reserves, including significant deposits of gold, cobalt, uranium, platinum, and diamonds, which present substantial opportunities for growth. Dangote acknowledged the myriad obstacles that businesses face, such as visa issues, inconsistent government policies, inadequate technical talent, lack of critical infrastructure, foreign exchange crises, inflation, and high capital costs. Despite these hurdles, the Dangote Group has successfully expanded its operations from Nigeria to 14 other African countries.
The conglomerate's diverse portfolio spans multiple sectors, including cement, fertilizers, sugar, oil refineries, petrochemicals, and agriculture, employing over 50,000 people. "The good news is that despite these challenges, we have succeeded in building a pan-African Group that employs over 50,000 people and generates revenues that should exceed $30bn by the end of 2025," Dangote added.
This announcement coincides with the imminent launch of the $20 billion Dangote Refinery, which is set to commence the supply of Premium Motor Spirit (PMS) on Sunday. However, the refinery has yet to disclose its petrol pricing, a detail eagerly awaited by local petrol marketers who have expressed readiness to patronize the firm if the price is competitive.
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