Goldman Sachs reaffirms Dangote growth, amid $100bn 2030 vision

Senior executives from Goldman Sachs have completed a high-level visit to Nigeria, touring the Dangote Petroleum Refinery and associated industrial facilities in Lagos as the Group reaffirmed its ambition to generate US$100 billion in annual revenue by 2030.

The delegation was led by Anthony Gutman, Co-Chief Executive Officer of Goldman Sachs International and Global Co-Head of Investment Banking. It marked Gutman’s first visit to Nigeria.

During the trip, the team hosted a client event and inspected the Dangote Industries Limited refinery, the fertiliser complex and supporting infrastructure.

In a post on his LinkedIn page, Gutman described the industrial progress he witnessed as impressive. “As we expand activity in the region our ambition is to match the sheer entrepreneurial drive on the ground with our full suite of capabilities, leveraging our global network to connect high-growth local opportunities with international capital,” he wrote. He thanked the Goldman Sachs team for organising the event and the Dangote Group for its hospitality.

Aliko Dangote, President and Chief Executive of Dangote Industries Limited, expressed strong confidence that the Group would meet its revenue growth targets over the next four years. He said detailed internal modelling had reinforced management’s belief that the US$100 billion annual revenue goal by 2030 was achievable. The projections, he noted, were based on conservative assumptions and had strengthened the company’s conviction to pursue an even more ambitious long-term growth strategy.

Dangote also highlighted the high level of employee participation in the recent private placement of the Dangote Petroleum Refinery as evidence of strong internal belief in the company’s prospects. “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 said.

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After an extensive tour of the 700,000 barrels-per-day refinery, the Goldman Sachs executives described the project as extraordinary. “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,” they remarked.

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 and senior Dangote Group executives, including Group Vice President, Oil & Gas, Devakumar Edwin; Managing Director and CEO 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; Group Chief Strategy Officer, Aliyu Suleiman; and Head of Administration at the refinery, Musa Bala, among others.