According to Aliko Dangote, the chairman of the Dangote Group, the Nigerian government barely makes about 15% of the country’s GDP contribution.
When General Ibrahim Babangida’s memoirs, “A Journey in Service,” was released, the billionaire revealed the information.
He revealed that the private sector makes up a sizable portion of the nation’s GDP. Dangote, who emphasized the value of the private sector, claimed that Nigeria’s private sector is bigger than all of Africa.
Babangida was praised by him for being a trailblazer in the establishment of the private sector in Nigeria by doing away with the need for import licenses, which he said acted as a spur for the sector’s domestic expansion.
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As for Dangote, the most recent Forbes rankings place him as the 86th richest person in the world.
The business tycoon’s net worth reportedly jumped to $23.9 billion on Monday, according to Forbes, an astounding 85.27% gain, or an extra $11 billion, over his $12.9 billion appraisal on February 18, 2023.
Forbes primarily credits Dangote’s 92.3% ownership of Dangote Petroleum Refinery & Petrochemicals for the company’s financial success.
After starting to refine crude oil into diesel, naphtha, and jet fuel in January 2024, the 650,000 barrels per day (bpd) facility expanded its operations to include the manufacturing of gasoline nine months later.
The refinery received about 24 million barrels of Nigerian crude oil in October and November 2024 to maintain and improve production.
Furthermore, according to reports dated January 28, 2025, the facility plans to receive up to 12 million barrels of U.S. crude oil.
Within the next 30 days, the refinery could attain full operational capacity, it said on February 10, 2025.
