Dangote Group’s Revenue to Hit $30 Billion by 2020

DangoteAliko Dangote Photographer: Jason Alden
  • Dangote Group’s Revenue to Hit $30 Billion Mark by 2020

Aliko Dangote, the president of Dangote Group and Africa’s richest man, has disclosed that the revenue of his companies will hit $30 billion by 2020 when his refinery is scheduled to start operation.

Speaking at Africa Investment Forum in Johannesburg, South Africa, the billionaire attributed the group success to series of bold steps taken by the group to venture into untapped niche feared by competitors.

Dangote, who said he doesn’t believe in impossibility, however, admitted that the feat is one he would have doubted 10 years ago.

“Ten years ago, if you mentioned to me or even if I actually saw it in a dream that our company would have revenue of $30bn, I would have said it was impossible.

“But today, by 2020, we will have $30bn of revenue. Why? Because we have gone into a very bold product and while people are running away from investing, we are investing.”

He said the group would generate over $25 billion from petrochemicals, refinery and oil alone, while the remaining, about $6 billion, would come from their other businesses.

The industrialist later said American economy was built by five visionaries not outsiders, that Africans should start doing the same.

He said, “What I will do is to see how some of us will try and transform Africa into exactly what happened in Asia. Nobody will come and transform Africa but us; so, we must lead.

“If you look at how the American economy is today, it was actually made possible by five people, the likes of Ford, Carnegie, and the rest. They were the ones that actually made America great not Donald Trump.”

Presently, the group is responsible for ten percent of Nigeria’s economy, the largest economy in Africa.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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