Dangote Industries Limited is confident of achieving its target of US$100 billion in annual revenue by 2030, Chairman Aliko Dangote has said.
He spoke when he hosted senior executives from leading global investment banking and financial services firm Goldman Sachs, who toured the company’s integrated petroleum refinery, petrochemicals and fertiliser complex in Lagos.
He said detailed internal modelling had reinforced management’s confidence that the target was achievable.
He noted that the projections were based on conservative assumptions and had strengthened the company’s conviction to pursue an even more ambitious long-term growth strategy.
He added that strong employee participation in the recent private placement of the Dangote Petroleum Refinery reflected high internal belief in the company’s growth strategy and prospects.
According to him, the refinery and associated industrial facilities demonstrate the transformative potential of long-term investment in Africa, adding that the Group’s growth ambitions extend well beyond its current strategic plan.
“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. We need to look beyond 2030. The next phase of our journey will include new investments and acquisitions as we continue to scale the business,” he said.
Speaking after an extensive tour of the 700,000 barrels per day refinery, the Goldman Sachs executives remarked, “It is extraordinary what Mr Dangote and the whole organisation have achieved. The ambition, the scale of the project, the quality of the project and the culture of the people is very impressive.”
The delegation, led by Co-Chief Executive Officer of Goldman Sachs International and Global Co-Head of Investment Banking, Anthony Gutman, visited the Dangote Petroleum Refinery & Petrochemicals, Dangote Fertiliser Limited and supporting infrastructure during a recent visit to Nigeria.
The Goldman Sachs team 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 & 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 President and Chief Executive of Dangote Industries Limited, Aliko Dangote; Group Vice President, Oil & Gas, Devakumar Edwin; Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, David Bird; Group Executive Director, Oil & Gas, Fatima Aliko Dangote; Chief of Staff to the President/CE, Ibrahim Dikko; Group Chief Branding and Communication Officer, Anthony Chiejina; Group Chief Economist, Dr Hassan Mahmud; and Group Chief Strategy Officer, Aliyu Suleiman; Head of Administration, Dangote Petroleum Refinery & Petrochemicals, Musa Bala, among others.