Nigerian billionaire Aliko Dangote has described his $23 billion refinery as the biggest risk he has ever taken. He admitted that if the refinery had failed, it would have been the end of him.
“It was the biggest risk of my life. If this didn’t work, I was dead,” Dangote said.
The refinery, which has a production capacity of 650,000 barrels per day, is the largest in Africa. However, bringing it to life was no easy task. Dangote faced major obstacles, including difficulties in securing financing, regulatory challenges, and finding reliable suppliers.
Despite these struggles, he remained committed to ensuring Africa’s ability to refine its own crude oil. He noted that Africa has long been a dumping ground for finished products from foreign nations and stressed the need for self-reliance.
“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment,” he said.
His refinery is seen as a major step in reducing Africa’s dependence on imported petroleum products. By refining crude oil locally, he aims to boost the continent’s economy and create job opportunities for millions of people.
Even after completing the refinery, Dangote continues to oversee its operations closely. The Forbes report noted that he frequently meets with engineers and managers to monitor progress. Despite having a family office in Dubai and involving his three daughters in the business, his main focus remains on Nigeria.
Apart from the refinery, Dangote is working on other major projects, including a subsea pipeline that will transport natural gas from the Niger Delta to Lagos. He is also expanding his fertiliser plant, aiming to strengthen Nigeria’s position in the global market.
