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President of Dangote Group, Aliko Dangote, says the turnover of his conglomerate could grow to $30bn in the next two years when its ongoing projects including the refinery, fertilizer, petrochemicals and other businesses are completed and running. This will translate to a 650% growth from the group’s current annual turnover of about $4bn. He has a crude oil refinery currently valued at $12bn oil refinery under construction. It would be the single largest in the world upon completion, with the capacity to meet more than Nigeria’s entire fuel consumption. Addressing newsmen last week, Dangote also lauded the Federal Government’s efforts in the agricultural sector, noting that the government’s focus on the sector will boost national GDP and less reliance on the oil sector for growth and development. According to: “We have massive arable land, we have water, we have the right climate, so the population growth does not really make me nervous… So, I think the government is doing v...

Dangote Group, owned by Africa’s richest man, Alhaji Aliko Dangote, says its ongoing oil refinery, the world’s single largest, will account for half of its assets when completed next year. In a chat with Reuters, Dangote Group’s Executive Director, Devakumar Edwin, said the $10bn 650,000 barrels per day capacity refinery billed for completion in December 2019, underscoring the scale of the bet being made by Africa’s richest man on the Nigerian oil and gas. “As of today, cement is the biggest (part of the group). By 2020, the refinery will be the biggest (by assets),” he told Reuters in an interview at the site in the Lekki district of southwestern Lagos. Before now, Dangote built his fortune on cement, flour milling, agriculture and real estate, just as the oil refinery is expanding into fertiliser, aiming to address long-standing problems in Nigeria’s energy markets. Dangote hopes to meet Nigeria’s fuel needs and help save huge foreign exchange spent on products import du...