In a groundbreaking announcement during a visit by President Bola Ahmed Tinubu to the Dangote Petroleum Refinery & Petrochemicals Complex in Lekki, Aliko Dangote, Chairman and CEO of Dangote Group, disclosed that his conglomerate paid ₦450 billion in taxes to the Federal Government in 2024. making it the highest corporate tax contributor in Nigeria, eclipsing all the country’s banks combined.
Dangote’s ₦450 billion tax payment in the 2024 fiscal year spotlights his companies’ role in bolstering Nigeria’s public finances, significantly outstripping total taxes remitted by the entire Nigerian banking sector.
Infrastructure Pledge
Under the Federal Government’s tax‑credit initiative, Dangote Group committed to invest ₦900 billion in eight major road infrastructure projects, spanning a combined 500 km. These include the Deep‑Sea Port Access Road and two critical routes in Borno State, aimed at enhancing connectivity with Chad and Cameroon.
In a symbolic gesture, Dangote announced that the main access road to the refinery would be renamed “Bola Ahmed Tinubu Road”, recognizing the President’s leadership and vision for the project.
Praise and Partnership
Dangote applauded President Tinubu for policies that have “revived investor confidence,” commending his reforms in fuel subsidy removal, foreign exchange unification, and tax policy as vital enablers of private sector investment.
President Tinubu reciprocated by lauding the quality of the roads constructed under the tax‑credit scheme. He also thanked Dangote and other private sector leaders Jim Ovia, Femi Otedola, and Abdulsamad Rabiu—for their economic contributions and alignment with his Renewed Hope Agenda.
Industry analysts say Dangote’s tax contribution and planned road investments signal a savvy use of tax policy to fund infrastructure while reducing government budget pressures. Critics, however, question whether this model creates too much reliance on private initiatives for public service delivery.
As Dangote Group proceeds with its ₦900 billion road program part of the broader national infrastructure plan it reinforces its position as a crucial partner in Nigeria’s development trajectory, with far‑reaching economic and regional trade implications.
₦450 billion paid in 2024 taxes (largest corporate contributor in Nigeria)
₦900 billion allotted to eight road projects under tax‑credit scheme (totaling \~500 km)
Access road renamed: “Bola Ahmed Tinubu Road”
