Senior executives of global investment banking and financial services firm, Goldman Sachs, have toured the Dangote Industries Limited (DIL) integrated refinery, petrochemical and fertiliser complex in Lagos, praising the scale and quality of the facilities.
The delegation was led by Anthony Gutman, Co-Chief Executive Officer of Goldman Sachs International and Global Co-Head of Investment Banking, during a recent visit to Nigeria.
The executives inspected the 700,000 barrels-per-day Dangote Petroleum Refinery, Dangote Fertiliser Limited and other supporting infrastructure within the complex.
Speaking after the tour, the Goldman Sachs delegation described the project as an extraordinary achievement, commending its ambition, scale, quality and workforce.
“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,” the executives said.
Responding, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the refinery and associated industrial facilities demonstrated the transformative potential of long-term investment in Africa.
Dangote said the group’s expansion plans would extend beyond its current strategic plan, with new investments and acquisitions expected as the business continues to grow.
He said internal financial projections had strengthened management’s confidence that the group could achieve its target of generating $100 billion in annual revenue by 2030.
According to him, the projections were based on conservative assumptions and could support an even more ambitious long-term growth strategy.
Dangote also pointed to the strong participation of employees in the recent private placement of Dangote Petroleum Refinery shares as evidence of confidence in the company’s growth prospects.
The Goldman Sachs delegation 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 senior Dangote Group executives, including Group Vice President, Oil & Gas, Devakumar Edwin; Managing Director and Chief Executive Officer of Dangote Petroleum Refinery & Petrochemicals, David Bird; Group Executive Director, Oil & Gas, Fatima Aliko Dangote; and other members of the group’s leadership team.
The visit comes amid growing international interest in Dangote Industries’ expansion plans and Africa’s industrial investment opportunities.
It also follows recent discussions between Dangote and Canadian Prime Minister Mark Carney on strengthening investment partnerships and economic cooperation between Canada and Africa.
The discussions explored opportunities for greater investment in Canada and ways African investors could contribute to the country’s economic growth, while both sides considered the potential for stronger two-way trade and investment flows.
Dangote said closer economic relations between Africa and Canada could promote job creation, innovation and industrial development.
“Strategic partnerships between Africa and Canada have immense potential to drive sustainable growth and create value for both regions,” he said. “There is a strong case for increasing investment, fostering innovation, and building mutually beneficial commercial relationships.”
