President of the Dangote Group, Aliko Dangote, said on Thursday he was “comfortable” with the effect of United States President Donald Trump’s tariffs on his company’s urea exports.
He expressed confidence because rival exporter Algeria had been hit with even higher duties, potentially giving his products a competitive edge in the American market.
The business mogul also revealed that the Dangote Group, a major player in cement production, is expected to grow its valuation to over $30bn next year, up from the projected $25bn for 2025.
Recall that last month, Trump imposed a 14 per cent tariff on imports from Nigeria, Africa’s largest oil exporter, as part of widespread trade measures.
The move, which sparked concern across several sectors, was later paused for 90 days, offering temporary relief and time for diplomatic negotiations.
Dangote told an investment conference in Lagos that Dangote Fertiliser, which began commercial operations in 2022, shipped 37 per cent of its 3 million metric tonnes of urea production to the United States.
He said he was initially worried by Trump’s tariff on Nigeria, which also exports crude to the US.
“But when I checked who we are really competing with, we are competing with Algeria. So luckily for us, Algeria was slapped with 30 per cent,” said Dangote. So it actually makes us a bit comfortable.”
Dangote, who built Africa’s largest petroleum refinery, said he expected revenues from Dangote Group, also a major cement producer, to grow to more than $30 billion next year from about $25bn projected in 2025.
