'$23 billion oil refinery is the biggest risk of my life' - Aliko Dangote shares
Nigerian industrialist, Aliko Dangote
Billionaire Aliko Dangote has described his $23 billion Dangote Refinery project as the “biggest risk” of his life, acknowledging the immense challenges he faced in bringing the venture to fruition.
In an exclusive interview with Forbes on Monday, Dangote spoke candidly about the risks involved in undertaking such a massive project.
“It was the biggest risk of my life. If this didn’t work, I was dead,” he admitted.
Despite the refinery’s groundbreaking capacity of 650,000 barrels per day and its status as Africa’s largest, Dangote revealed that the journey to completion was filled with uncertainties. He faced significant hurdles, including financing the project, navigating regulatory challenges, and securing reliable suppliers.
Dangote reaffirmed his commitment to fostering industrialization across Africa, emphasizing 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 stated.
He also criticized Africa’s historical role as “a mere dumping ground for finished products,” stressing that 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.”
Undeterred by the challenges, Dangote remains focused on ensuring the refinery’s success.
According to Forbes, despite establishing a family office in Dubai and involving his three daughters in various roles within the family business, his primary focus remains on Nigeria. He continues to dedicate much of his time to the refinery, frequently meeting with engineers and managers to oversee progress.
Beyond the refinery, Dangote is also spearheading ambitious projects, including the construction of a subsea pipeline to transport natural gas from the Niger Delta to Lagos and the expansion of the refinery’s fertilizer 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 declared.
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