Alhaji Aliko Dangote, the founder of the Dangote Group and Africa’s richest individual, has revealed ambitious plans for his conglomerate to reach over $30 billion in revenue by the end of 2024.

In an exclusive interview with CNN, Dangote said this milestone would place the Dangote Group among the top 120 companies globally.

Dangote attributed this optimistic projection to the recent strategic restructuring within the company.

“We have divided the company now into two main segments: myself as group president, the group president of oil and gas, and the group president of other businesses,” he explained.

This division aims to streamline operations and ensure that key personnel are effectively managing the various segments of the business.

A significant contributor to this projected revenue surge is the much-anticipated oil refining facility in Lagos. Dangote described the refinery as a game changer for Nigeria and the region.

“This refinery will change the game. By processing all of Nigeria’s crude oil domestically, it will reduce carbon emissions by up to 2 million tonnes,” he said.

The facility is expected to process about 21 million barrels of crude oil per month, eliminating the need for Nigeria to import petroleum products and significantly reducing the environmental impact of international shipping.

The environmental benefits of the refinery are substantial. Dangote highlighted that the reduction in shipping could save nearly 2 million tonnes of CO2 emissions annually.

“This will help in terms of reducing CO2 emissions significantly. Rather than ships bringing products from Europe or exporting crude from Nigeria, we will cut down on approximately 480 ships of 1 million barrels each per year,” he noted.

Revenue and Profitability Outlook

Regarding the financial viability of the refinery, Dangote is optimistic about the imminent profitability of the $19 billion investment.

“We will start making money soon from the refinery. Running businesses is about making money, but it also gives me great satisfaction that our activities are helping to make Africa great,” he affirmed.

Dangote acknowledged the challenges in securing adequate crude oil from producers. While the Nigerian National Petroleum Company Limited (NNPC) has been supportive, international oil companies (IOCs) are hesitant to redirect their crude from export markets to the local refinery.

“NNPC has been very helpful, but some IOCs are struggling to provide us with crude because they are used to exporting,” he explained.

Dangote also voiced his concerns about the low level of intra-African trade, which currently stands at only 16%.

He sees the African Continental Free Trade Area (AFCTA) as a potential catalyst for growth but emphasized the need for better integration and free movement within the continent.

“For AFCTA to work, we need to remove visa requirements, allow free movement of people, goods, and services. Without that, it is almost impossible to achieve prosperity,” he argued.

The Major Energies Marketers Association of Nigeria (MEMAN) has launched a collaborative initiative to mitigate these incidents.

This effort was announced by MEMAN’s Executive Secretary, Mr. Clement Isong, during a stakeholders meeting held in Lagos on Wednesday.

The emergency meeting aimed to address the increasing frequency of truck accidents and explosions, bringing together key industry stakeholders including the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMA), the Nigerian Association of Road Transport Owners (NARTO), and MEMAN’s Health, Safety, Security, Environment, and Quality (HSSEQ) Committee.

Regulators represented at the meeting included the Lagos Sector Commander of the Federal Road Safety Corps (FRSC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

“This meeting is the first in a series of urgent actions aimed at addressing the recent spike in truck accidents and explosions,” Isong stated.

“The analysis of several petroleum tanker-related crashes over the past four months revealed several root causes including bad roads, inexperienced drivers in oversized trucks, and a lack of truck maintenance.”

Isong emphasized that the initiative focuses on fostering collaboration among regulators, operators, and law enforcement agencies to implement preventive measures. Key proposed measures include driver training, truck maintenance, fleet renewal, and the integration of technology in operations.

To ensure the effectiveness of these measures, MEMAN highlighted the need for mandatory annual training for all drivers at FRSC-approved centers.

Also, marketers are urged to reject underage or untrained drivers and insist on biannual comprehensive integrity evaluations for all trucks transporting petroleum products.

“Marketers must phase out old trucks and replace them with new ones equipped with modern safety features such as anti-lock braking systems (ABS), anti-rollover, anti-spill, anti-skid, speed limiters, onboard computers, and cameras. Trucks over 15 years old should be repurposed for non-hazardous cargo,” Isong added.

The stakeholders also stressed the importance of technology integration. This includes fitting trucks with onboard computers and tracking devices, and establishing control centers to monitor truck movements and enforce journey management procedures.

During the meeting, Assistant Director/Head of DSSRI Southwest Zone at NMDPRA, Mr. Ibrahim Dimowo, noted that regulatory revisions would focus on updates and enforcement of truck specifications and loading limits.

He highlighted the need for implementing new technologies for incident detection and monitoring.

The Lagos Corps Commander of the FRSC, Patrick Davou, emphasized the necessity for strict enforcement of pre- and post-safe-to-load integrity inspections on trucks.

He also called for proper classification of driver’s licenses for transporting hydrocarbons and collaboration on the 5-pillar road safety initiatives.

The meeting concluded with a call for improved road infrastructure and a strong warning against the dangers of fuel scooping during truck accidents.

MEMAN’s proactive measures, supported by comprehensive regulatory and operational changes, aim to significantly reduce the incidence of catastrophic tanker explosions in Nigeria.

Recent tragic incidents underscore the urgency of this initiative. In April, a tanker explosion in Rivers State claimed five lives, including a pregnant woman, and razed 120 vehicles.

Another explosion in Delta State in May resulted in eight deaths, while a gas truck explosion in Abeokuta also led to fatalities.

Shell Petroleum Development of Nigeria Limited (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo) significantly increased their contributions to the Niger Delta Development Commission (NDDC) in 2023 as they remitted a total of $142.5 million.

This amount was an increase from the $79.77 million contributed in 2022.

In a statement released by Shell Nigeria’s Manager of Media Communications and NGO Relations, Bamidele Odugbesan, SPDC paid $112.5 million while SNEPCo remitted $30 million.

These contributions, made on behalf of Shell and its partners—including the Nigerian National Petroleum Company Limited (NNPC), TotalEnergies EP Nigeria Limited, NAOC, and Esso Exploration and Production Nigeria Limited—are statutory payments intended to support the NDDC’s developmental initiatives in the Niger Delta region.

Igo Weli, SPDC’s Director and Country Head of Corporate Relations, said “Our support for the NDDC aligns with our broader aspirations for regional development. This includes a wide array of social investments in health and education, which are crucial for the sustainable development of the communities where we operate.”

Shell Nigeria’s contributions are part of a long-standing tradition of community development programs that the company has supported since the 1960s.

These programs have had a significant impact on Nigerian society, with initiatives such as the Health-in-Motion programme providing free medical services to over one million individuals since its inception.

Also, Shell’s education support initiatives have awarded more than 3,450 secondary school grants, 3,772 university grants, and 1,062 cradle-to-career scholarship grants since 2016.

The company also highlighted the Shell LiveWIRE entrepreneurship programme, which has supported 73 businesses through training and mentorship, resulting in 97 new employment opportunities for Nigerians.

Odugbesan stated Shell’s ongoing commitment to its social responsibilities.

He said, “With the continuous support of our partners, we will persist in fulfilling our obligations to communities through statutory payments and various projects executed in collaboration with stakeholders”.

This increase in contributions comes on the heels of Shell Nigeria’s announcement of paying $1.09 billion in corporate taxes and royalties to the Nigerian government in 2023.