Dangote Highlights Low Government Contribution to GDP at 15%

According to Aliko Dangote, the chairman of the Dangote Group, the Nigerian government has a mere 15% share in the country’s GDP.
At the opening of General Ibrahim Babangida’s memoirs, “A Journey in Service,” the billionaire revealed the information.
He revealed that the private sector makes a substantial contribution to the GDP of the nation. According to Dangote, who emphasized the value of the private sector, Nigeria boasts a bigger private sector than all of Africa.
By doing away with the need for import licenses, Babangida was credited with helping to pioneer the rise of the private sector in Nigeria, which he characterized as a driving force behind the sector’s development in the nation.

According to the most recent Forbes rankings, Dangote is the 86th richest person in the world.

Forbes revealed on Monday that the business tycoon’s net worth had risen to $23.9 billion, an astounding 85.27% gain, or an extra $11 billion, over his February 18, 2023, valuation of $12.9 billion.

Dangote’s 92.3% ownership of Dangote Petroleum Refinery & Petrochemicals is largely responsible for his financial success, according to Forbes.

In January 2024, the 650,000 barrels-per-day (bpd) facility started refining crude oil into jet fuel, naphtha, and diesel. Nine months later, it expanded its activities to include the manufacturing of gasoline.

About 24 million barrels of Nigerian crude oil were delivered to the refinery in October and November 2024 to maintain and increase output.

Furthermore, according to reports dated January 28, 2025, the facility is expected to receive up to 12 million barrels of crude oil from the United States.

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The refinery stated that it might achieve full operational capacity in the upcoming 30 days on February 10, 2025.