We pay 52% of revenue from our cement business as taxes to government – Aliko Dangote

In that article, Dangote is quoted as saying the government collects “52 kobo from various taxes out of every ₦1” his cement business generates. 

Dangote claims that the government takes more via taxes than shareholders receive as dividends, pointing out that shareholders’ dividends are also subject to withholding tax (10 %) which reduces what they finally receive. The Cable reported that at the 2025 Taraba International Investment Summit (May 21), Dangote said, “for every N1 we turn around, 52 kobo goes to the federal government” from his cement operations. 

The claim has been used by Dangote to argue that private sector investment generates significant government revenue, and to counter suggestions that his business is too dominant or monopolistic. He says that even though the government may offer fewer incentives, the business still yields large tax contribution. Financial data from Dangote Cement’s reports (and independent analyses) do not clearly show that 52% of gross revenue is paid in taxes. As I analysed earlier, things like income tax, VAT, withholding, etc., even combined, are far lower if you measure against revenue.

It’s not clear which “revenues” and which “taxes” Dangote is including when he says “52%.” Possibilities include:

All government levies/fees/taxes (corporate tax, VAT, import duties, excise, PAYE, etc.).

Indirect taxes and obligations embedded in input costs.

Possibly some element of “government share” in profits, dividends, etc.

Maybe counting theoretical or accrued taxes rather than cash paid.

Some reports have tried to compare the claim to the actual tax figures from Dangote Cement’s audited statements and found them not aligned. For example, for the year 2023, the revenue and profit before tax vs tax paid do not match up to 52% if you consider standard corporate income taxes alone.