Dangote Eyes $35bn Annual Profit By 2030, to Invest $8bn in LNG Plant
*President Ruto: Lagos refinery masterpiece of science, engineering, art *$17bn Lamu Refinery: First 2,930-tonne cargo arrives, flag-off set for Wednesday *NGX Chair: Dangote IPO reflects Tinubu’s economic dividend to Nigerians
Dangote Group, led by its chairman Alhaji Aliko Dangote, has set a target of generating over $35 billion in annual profit by 2030. To achieve this goal, the conglomerate plans to invest $8 billion in a 13-metric-tons-per-annum Liquefied Natural Gas (LNG) plant. Additionally, Dangote is investing in a new East Africa refinery in Lamu, Kenya, scheduled to be officially opened in the coming months.
President Ruto of Kenya praised the Ibeju-Lekki refinery in Lagos, describing it as a "masterpiece of science, engineering, and art." The refinery is the largest single-train facility in the world and is capable of processing 650,000 barrels per day. Dangote Industries is also expanding its reach across Africa, investing in various sectors such as cement production, fertiliser manufacturing, petrochemicals, and power infrastructure.
The company's IPO, expected to be the largest in Africa's history, aims to provide the necessary funding for its $50 billion capital expenditure plan.
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