Aliko Dangote, Africa’s wealthiest individual, has described his $23bn Dangote Refinery project as the “biggest risk” of his life. In an exclusive interview with Forbes, Dangote revealed the immense challenges he faced in bringing the venture to fruition, saying “It was the biggest risk of my life. If this didn’t work, I was dead”.
Despite the refinery’s impressive capacity of 650,000 barrels per day, making it Africa’s largest, Dangote acknowledged the journey to completion was fraught with uncertainties. He cited hurdles in financing the project, regulatory challenges, and securing suppliers as significant obstacles.
Dangote’s vision for the refinery goes beyond its economic benefits, as he sees it as a pivotal step in ensuring Africa’s self-sufficiency in refining crude oil. He emphasized the need for Africa to build its own nation and continent without relying on foreign investment.
The billionaire’s focus remains firmly on Nigeria, despite establishing a family office in Dubai and involving his three daughters in the family business. He continues to oversee the refinery’s progress, meeting regularly with engineers and managers. Dangote is also exploring ambitious projects, including a subsea pipeline and expanding the refinery’s fertiliser plant.
Looking ahead, Dangote plans to take the refinery public within the next year or two, demonstrating his confidence in the project’s success. As he succinctly put it, “I’ve been fighting battles all my life and I have not lost one yet”
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