* Dangote targets $100bn annual revenue by 2030
*Goldman Sachs hails scale, quality of refinery
Sunday Ehigiator
Senior executives from leading global investment banking and financial services firm, Goldman Sachs have toured the Dangote Industries Limited’s integrated petroleum refinery, petrochemicals and fertiliser complex in Lagos.
The delegation, led by Co-Chief Executive Officer of Goldman Sachs International and Global Co-Head of Investment Banking, Anthony Gutman, visited the Dangote Petroleum Refinery & Petrochemicals, Dangote Fertiliser Limited and supporting infrastructure during a recent visit to Nigeria.
Speaking after an extensive tour of the 700,000 barrels per day refinery, the Goldman Sachs executives remarked, “It is extraordinary what Mr. Dangote and the whole organisation have achieved. The ambition, the scale of the project, the quality of the project and the culture of the people is very impressive.”
Responding, the President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the refinery and associated industrial facilities demonstrate the transformative potential of long-term investment in Africa, adding that the Group’s growth ambitions extend well beyond its current strategic plan.
“No matter how we try to explain what we have built, you cannot fully appreciate it until you see it. But this is only the beginning. We need to look beyond 2030. The next phase of our journey will include new investments and acquisitions as we continue to scale the business,” he was quoted to have said.
Dangote said detailed internal modelling had reinforced management’s confidence that the Group’s target of generating US$100 billion in annual revenue by 2030 was achievable. He noted that the projections were based on conservative assumptions and had strengthened the company’s conviction that it could pursue an even more ambitious long term growth strategy.
He added that the level of employee participation in the recent private placement of the Dangote Petroleum Refinery reflected strong internal belief in the company’s growth strategy and prospects.
The Goldman Sachs team included Adib N. Zouein, Co Head of EMEA Emerging Markets Regional Sales and Head of the Middle East and North Africa region for Global Banking & Markets Public; Ryad Yousuf, Global Head of FICC Sales Strats and Structuring; and Jimi Adesanya, Head of Sub Saharan Africa Sales (excluding South Africa).
They were received by Aliko Dangote; Group Vice President, Oil & Gas, Devakumar Edwin; Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, David Bird; Group Executive Director, Oil & Gas, Fatima Aliko Dangote; Chief of Staff to the President/CE, Ibrahim Dikko; Group Chief Branding and Communication Officer, Anthony Chiejina; Group Chief Economist, Dr Hassan Mahmud; and Group Chief Strategy Officer, Aliyu Suleiman, among others.
The visit came a few days after Aliko Dangote held discussions with Canada’s Prime Minister, Mark Carney, on opportunities to strengthen investment partnerships and deepen economic cooperation between Canada and Africa.
The meeting focused on expanding investment opportunities in Canada and exploring how the Dangote Group, alongside other African investors, could contribute to Canada’s economic growth. Both leaders also exchanged views on Canada’s Africa Strategy and the importance of promoting stronger two-way trade and investment flows between Canada and African countries.
Dangote had also emphasised the growing potential for collaboration between African and Canadian businesses, noting that closer economic ties would unlock new opportunities for job creation, innovation, industrial development, and long-term prosperity.
“Strategic partnerships between Africa and Canada have immense potential to drive sustainable growth and create value for both regions. There is a strong case for increasing investment, fostering innovation, and building mutually beneficial commercial relationships,” Dangote had said.