Nigerian billionaire Aliko Dangote said he remains unfazed by U.S. tariffs on Nigerian urea exports, noting that his main competitor, Algeria, was hit with even steeper duties.
Speaking at an investment forum in Lagos on Thursday, Dangote addressed concerns over a 14% tariff imposed by former U.S. President Donald Trump on Nigerian imports, part of a broader trade policy introduced and later paused for 90 days.
Read Also: Nigeria excluded as Trump reportedly plans closure of U.S. embassies across Africa
While initially worried about the potential impact, Dangote said he found relief in the fact that Algeria, a key rival in the fertilizer market, faced a 30% tariff.
“We were concerned at first,” he admitted. “But when we looked at the competition, we saw Algeria had been hit harder. So, that gave us some comfort.”
Dangote Fertiliser, which began commercial production in 2022, exports 37% of its 3 million metric tonnes of annual urea output to the United States.
Looking ahead, Dangote expressed optimism about the growth of his business empire, which includes Africa’s largest petroleum refinery and a dominant cement operation.
He projected that the Dangote Group’s revenue would surpass $30 billion next year, up from the $25 billion anticipated in 2025.
