Aliko Dangote, founder of the Dangote Group and Africa’s richest person, has ambitious plans for his business empire. In a recent CNN interview, he projected a staggering $30 billion in total revenue by the end of 2024.
This achievement, according to Dangote, would propel the Dangote Group into the elite company of the world’s top 120. He attributes this growth potential to a recent company restructuring, placing key personnel at the helm of vital business segments.
“We’ve divided the company into two sections,” Dangote explained. “There’s myself as group president, then a group president for oil and gas, and another for our other businesses.”
He expressed confidence in reaching the $30 billion target, stating, “Combining these sectors, by year-end, we’ll be a $30 billion revenue group, which is significant. It positions us among the world’s top 120 companies.”
Dangote also highlighted the game-changing impact of their new oil refinery. Once operational, it can supply all of Nigeria’s petroleum product needs, potentially reducing reliance on foreign imports and lowering carbon emissions by an estimated 2 million tonnes.
However, Dangote voiced concerns about Africa’s low intracontinental trade levels, currently at only 16%. He sees the African Continental Free Trade Area (AFCTA) as a potential solution.
“The AFCTA holds immense promise,” Dangote said. “Our company stands to be among the top five beneficiaries of this free trade agreement.”
Despite his optimism, Dangote hasn’t witnessed a significant improvement in intra-African trade yet. He emphasized the need for streamlined movement of people, goods, and services to truly unlock the AFCTA’s potential.
“We need to address visa requirements and facilitate free movement,” Dangote argued. “This is crucial for the AFCTA’s success. Currently, it’s almost impossible.”
He cited a personal experience: “I need a visa to travel to Egypt tomorrow, even though I hold an African passport. They offer a visa on arrival only if I have a US visa. This undermines the spirit of the AFCTA.”
Dangote stressed the importance of integration for African prosperity. He called for reviving Ministries of Integration across the continent, which some countries have dismantled.
Finally, Dangote expressed confidence in his children’s ability to lead the future of his businesses. He believes they possess the necessary experience to work alongside other executives and ensure the continued success of the Dangote Group.
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