In a significant disclosure during a meeting with President Bola Ahmed Tinubu, Aliko Dangote, President and Chief Executive Officer of the Dangote Group, announced that his conglomerate remitted N450 billion in taxes to the Nigerian government for the 2024 fiscal year. This substantial contribution positions the Dangote Group as the highest tax-paying corporate entity in Nigeria, surpassing the combined tax payments of all banks operating in the country. The announcement underscores the conglomerate’s pivotal role in bolstering Nigeria’s fiscal landscape and its commitment to national development.
The meeting, held at the Presidential Villa in Abuja, provided a platform for Dangote to elaborate on the Group’s extensive contributions beyond taxation. He revealed that the Dangote Group is investing N900 billion in road infrastructure across Nigeria under the Federal Government’s tax credit scheme, a strategic initiative aimed at improving the nation’s transportation network. Key among these projects is the construction of the Deep-Sea Port Access Road, one of eight major road initiatives spanning a total of 500 kilometers, designed to enhance connectivity and facilitate economic growth.
Dangote also announced that the main access road to the Dangote Petroleum Refinery and Petrochemicals complex in the Lekki Free Trade Zone would be named “Bola Ahmed Tinubu Road” in honor of the President. He credited Tinubu’s vision, dating back to his tenure as Lagos State Governor, for laying the groundwork for the Lekki Free Trade Zone, which has been instrumental in the establishment of the refinery. This gesture reflects the Group’s recognition of Tinubu’s long-standing contributions to Nigeria’s industrial and economic development.
The Dangote Petroleum Refinery, a flagship project of the conglomerate, was highlighted as a transformative venture for Nigeria’s energy sector. With a capacity to process 650,000 barrels per day, the refinery is poised to reduce Nigeria’s dependence on imported petroleum products, conserve foreign exchange, and stimulate job creation. Dangote emphasized that the facility’s operations align with the government’s economic diversification goals, further cementing the Group’s role as a driver of industrial progress.
In addition to its tax contributions and infrastructure investments, the Dangote Group has prioritized social impact initiatives, including job creation and community development programs. The conglomerate employs thousands of Nigerians across its various subsidiaries, spanning cement, sugar, salt, and now petroleum refining, contributing significantly to reducing unemployment in the country. These efforts align with the Group’s broader mission to foster sustainable economic growth and improve living standards across Nigeria.
The N900 billion road infrastructure investment under the tax credit scheme is expected to have far-reaching impacts on Nigeria’s economy. By improving road networks, the initiative will enhance the efficiency of goods and services transportation, reduce logistics costs, and boost trade activities nationwide. The Deep-Sea Port Access Road, in particular, is anticipated to facilitate seamless operations at the Lekki Deep-Sea Port, a critical hub for Nigeria’s maritime and industrial activities.
Dangote’s announcement comes at a time when Nigeria is grappling with economic challenges, including inflation and foreign exchange constraints. The Group’s substantial tax payments provide a critical revenue stream for the government, supporting public expenditure on infrastructure, healthcare, and education. Furthermore, the tax credit scheme demonstrates a model of public-private partnership that leverages corporate resources to address infrastructural deficits while fostering economic resilience.
President Tinubu, in response, commended the Dangote Group for its unwavering commitment to Nigeria’s development. He noted that the conglomerate’s investments in critical sectors such as energy and infrastructure align with his administration’s Renewed Hope Agenda, which prioritizes economic diversification and industrialization. The naming of the refinery access road after Tinubu was received as a significant honor, reflecting the synergy between the government and private sector in driving national progress.
