Only 15% of Nigeria’s GDP is contributed by the Nigerian government, according to Aliko Dangote, the chairman of the Dangote Group.
The billionaire revealed the information during the publication of “A Journey in Service,” the autobiography of former military president General Ibrahim Babangida.
He revealed that a sizable portion of the nation’s GDP comes from the private sector. Nigeria boasts a bigger private sector than the entire African continent, according to Dangote, who emphasized the value of the private sector.
He praised Babangida 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 development in the nation.
In the meantime, the most recent Forbes rankings place Dangote as the 86th richest person in the world.
According to Forbes, the business tycoon’s net worth jumped to $23.9 billion on Monday, an astounding 85.27% gain, or an extra $11 billion, from his $12.9 billion appraisal on February 18, 2023.
According to Forbes, Dangote’s 92.3% ownership of Dangote Petroleum Refinery & Petrochemicals is mostly responsible for his financial success.
Nine months after starting to refine crude oil into diesel, naphtha, and jet fuel in January 2024, the 650,000 barrels per day (bpd) facility expanded to produce gasoline.
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In October and November of 2024, the refinery received about 24 million barrels of Nigerian crude oil to maintain and improve production.
The facility is also expected to receive up to 12 million barrels of crude oil from the United States, according to reports dated January 28, 2025.
The refinery declared on February 10, 2025, that it might be fully operational in the upcoming 30 days.
