The President of Dangote Group, Aliko Dangote has disclosed that the company’s revenue base is expected to hit $30 billion by 2020, a feat he would have considered impossible a decade ago. Dangote made this disclosure at the first ever Africa Investment Forum (AIF) in Johannesburg, South Africa.
According to the African multibillionaire, the progress being made by the Dangote Group is as a result of bold steps being taken to venture into spaces others are running away from.
“Ten years ago, if you mention to me or even if I actually see it in a dream that our company will have a revenue of $3 billion, I would have said it is impossible. But today, by 2020, we would have $30 billion of revenue. Why? Because we have gone into very bold product.
“While people are running away from investing, we are investing. From just petrochemicals and our refinery and oil blocks, we would have over $25 billion, and the rest of the business will have $6 billion.” – Dangote
On how the conglomerate would realise this, Dangote said the company’s confidence would be more boosted after the completion of its oil refinery in Lagos, Nigeria. Also on the conglomerate’s to-do list is – The investment of billions of dollars in sugar, rice and dairy production in the West African nation and the listing of his cement company in London.
About Dangote Group
Dangote Group is a Nigerian multinational industrial conglomerate, founded by Aliko Dangote. It is the largest conglomerate in West Africa and one of the largest on the African continent. The group employs more than 30,000 people, generating revenue in excess of $4.1 billion in 2017.
The company was founded in 1981 as a trading enterprise, importing sugar, cement, rice, fisheries and other consumer goods for distribution in the Nigeria market. The group moved into manufacturing in the 1990s, starting with textiles, moving onto flour milling, salt processing, and sugar refining by the end of the decade. Dangote Group moved into cement production, growing rapidly and moving into other African countries. Dangote now owns and operates over 18 subsidiaries, operating in ten African countries.