The Dangote Group has revealed that it is targeting around $30 billion in revenues by the year 2025 whilst projecting to become the largest supplier of foreign exchange in the FX market in the future.
The Chairman of the Group, Alhaji Aliko Dangote disclosed this in a presentation during a media tour around the Dangote refinery where he stated that the group plans to become independent of the CBN in terms of forex sourcing.
He stated that the group aims to shift its revenue composition in the cement business from the current 75% to 15% in the future. Additionally, he highlighted plans to balance revenue from EBITDA, moving from a 80% Nigerian base to 50% foreign based. The group also projects that hard currency revenue will account for 90% of its total revenue.
The Group’s revenue according to the presentation in 2022 stood at $5.4 billion. This means the Group targets a 455% increase in revenue between 2022 and 2025.
He stated, “What we are trying to do is to totally get ourselves out of the demand of foreign exchange from the Central Bank of Nigeria (CBN) and be the biggest supplier of foreign exchange in the foreign exchange market.”
“So, 75% of our revenue used to come from our cement business and 80% of our EDITDA is from Nigeria and 90% of the revenue comes from various local currencies which is a high risk. So 15% of the revenue going forward will come from cement from 75% and 50% of our EBITDA will come from outside Nigeria including exports and 75% of the revenue will be in hard currency”
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