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Billionaire industrialist Aliko Dangote has described his $23 billion Dangote Refinery as the “biggest risk” of his career, reflecting on the immense financial and logistical hurdles he overcame to bring the ambitious project to life.
In a candid conversation with Forbes on Monday, Dangote discussed the turbulent journey of developing the $23 billion refinery, admitting that the scale of risk was unlike anything he had encountered before.
“It was the biggest risk of my life. If this didn’t work, I was dead,” he said.
Despite boasting a groundbreaking capacity of 650,000 barrels per day—the largest in Africa—Dangote admitted that bringing the refinery to completion was a daunting task. He highlighted the numerous hurdles he encountered, from securing financing to navigating regulatory complexities and ensuring a steady supply of raw materials.
He reiterated his dedication to developing a roadmap for industrializing Africa, positioning his refinery as a testament to the continent’s potential for large-scale economic transformation.
Read also: Dangote Slashes Petrol Loading Cost In Nigeria
“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment.
He added that Africa has been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population,” he said.
The challenges haven’t deterred Dangote; he remains steadfast in ensuring his refinery’s success. Forbes reports that, despite running a family office in Dubai and involving his three daughters in various business roles, his priorities are still deeply aligned with Nigeria’s economic advancement.
He continues to dedicate much of his time to the refinery, regularly meeting with engineers and managers to oversee progress.
Dangote is also working on ambitious projects such as building a subsea pipeline to transport natural gas from the Niger Delta to Lagos and expanding the capacity of the refinery’s fertiliser plant.
Looking ahead, he plans to take the refinery public within the next year or two.
“I’ve been fighting battles all my life and I have not lost one yet,” he said.
