Dangote targets $70b fertiliser revenue, $4b dividend payout
The Group Chairman of Nigerian Exchange Group (NGX Group), Dr Umaru Kwairanga, has described the President/Chief Executive of Dangote Group, Aliko Dangote, as the pride of Nigeria’s financial market, citing his significant contributions to capital market growth and private sector development.
 
Kwairanga made the remarks during a courtesy visit by capital market stakeholders to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Lagos.
 
He called for the listing of Dangote Petroleum Refinery and Dangote Fertiliser on the NGX, describing it as “a natural progression in the Dangote Group’s journey towards transparency, market leadership, and inclusive wealth creation.”
 
According to the NGX chairman, the Nigerian capital market holds Dangote in high esteem for his longstanding impact on the economy, particularly the recent interventions made through the refinery and fertiliser projects, which have brought “much-needed relief to Nigerians.”
 
Recalling Dangote’s tenure as President of the Council of the defunct Nigerian Stock Exchange (NSE), Kwairanga hailed his leadership, saying it reshaped the country’s capital market landscape.
 
“Through the listing of companies such as Dangote Cement, Dangote Sugar Refinery and NASCON Allied Industries, the group has significantly deepened market liquidity, boosted investor confidence, and driven long-term value creation for shareholders,” he said.
 
He added that the visit was more than a facility tour, describing it as “a reaffirmation of the NGX’s commitment to aligning investment capital with national development goals.”
 
In response, Dangote reaffirmed the group’s plan to list Dangote Fertiliser Limited on the NGX, with a focus on transforming the market and driving investor confidence.
 
“So, what are we aiming to do to bring about a major revolution in the capital market? The main challenge is that many investors are hesitant, thinking, ‘If I invest my naira now, by the time I receive dividends in 10 years, the naira will have lost value.’ However, we are entering the market with a dollarised business model,” Dangote explained.
 
He assured shareholders that investments in the fertiliser business would be protected from currency depreciation due to its foreign currency revenue model.
 
Dangote also revealed that the group’s plan to expand its fertiliser plants to increase output and profitability, with dividend payments to shareholders projected to exceed $3 billion.
 
“In the next 40 months, our fertiliser business should generate $20 million in revenue per day. We are pushing hard. We expect to reach over $70 billion in revenue and possibly pay dividends of $3 billion to $4 billion. Our philosophy is to always think big,” he said.
 
He also highlighted ongoing investments in the cement business and plans to export clinker to West African countries, aimed at boosting revenue and enhancing returns to shareholders.
 
Commending the NGX’s progress, Dangote called for the emergence of more publicly listed companies of a global standard to stimulate economic growth.
 
He added that the group served as its own Engineering, Procurement, and Construction (EPC) contractor, “a feat never before attempted at this scale,” and noted that Nigeria now exports refined petroleum products to global markets.
 
Among the stakeholders present were the CEO of NGX, Temi Popoola; Managing Director/CEO of Central Securities Clearing System (CSCS), Haruna Jalo-Waziri; President of the Chartered Institute of Stockbrokers (CIS), Oluropo Dada; Chairman of the Association of Securities Dealing Houses of Nigeria (ASHON), Sam Onukwe; CEO of NGX Regulation, Olufemi Shobanjo; and CEO of the Lagos Commodity Exchange, Akeredolu Ali.