- Dangote to Generate $30bn Annual Revenue by 2022
Aliko Dangote, Africa’s richest man, has said his group of companies will generate a total sum of $30 billion in annual turnover by 2022.
The billionaire based his estimation on Dangote Refinery Ltd scheduled to commence operation soon. According to Dangote, the over $12 billion project will enhance the company’s turnover in two years and strengthen its capital base.
Presently, the group annual revenue stood at $4 billion mainly from Cement, Flour and Sugar units of the company.
Dangote, who was responding to questions from reporters, lauded government’s efforts at diversifying the economy, he said: He said: “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 federal government is doing very well by focusing more on the agricultural sector. We just have to tilt towards agriculture and manufacturing as against our oil-reliant economy.”
“Sixty percent of the government revenue is coming from oil but the government is doing quite a lot to diversify the economy by even trying to restructure the tax system because we need to make more money from taxes because as it is now, the taxes generation in Nigeria is a bit low but the government is on the right track with these innovations.”