Dangote Reveals That Government Contributes Only 15% to GDP

The Chairman of the Dangote Group, Aliko Dangote, has stated that the Nigerian government contributes only 15 percent to Nigeria’s Gross Domestic Product (GDP).
The billionaire disclosed at the launch of the autobiography of former military president, General Ibrahim Babangida, ‘A Journey in Service.’

He disclosed that the private sector contributes a healthy amount to the country’s GDP. Dangote who emphasised the importance of the private sector, stated that Nigeria has a larger private sector than the entire African continent.

He commended Babangida for pioneering the expansion of the private sector in Nigeria by abolishing the requirement for import licenses, an act he described as a catalyst for the sector’s growth in the country.

Meanwhile, Dangote has been listed as the 86th richest person in the world, according to the latest Forbes rankings.

TrackNews Media learned that the business mogul’s net worth surged to $23.9 billion, as reported by Forbes on Monday, reflecting a remarkable 85.27% increase—or an additional $11 billion—compared to his $12.9 billion valuation on February 18, 2023.

Forbes attributes Dangote’s financial growth largely to his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals.

The 650,000 barrels-per-day (bpd) facility, which began refining crude oil into diesel, naphtha, and jet fuel in January 2024, expanded its operations to include petrol production nine months later.

To sustain and enhance production, the refinery received approximately 24 million barrels of Nigerian crude oil in October and November 2024.

Additionally, reports from January 28, 2025, indicate that the facility is set to receive up to 12 million barrels of crude oil from the United States.

On February 10, 2025, the refinery announced that it could reach full operational capacity within the next 30 days.