Billionaire industrialist Aliko Dangote has described his $23 billion Dangote Refinery as the “biggest risk” he has ever taken, acknowledging the immense challenges he faced in bringing the project to life.
In an exclusive interview with Forbes on Monday, Dangote revealed the uncertainties surrounding the 650,000 barrels-per-day refinery, Africa’s largest.
“It was the biggest risk of my life. If this didn’t work, I was dead,” he said, emphasizing the difficulties in securing financing, overcoming regulatory hurdles, and managing suppliers.
Dangote reiterated his commitment to industrializing Africa, stating, “We have to build our own continent by ourselves, not [rely on] foreign investment.” He criticized Africa’s long-standing reliance on imported finished products, “a mere dumping ground for finished products,” he said, positioning his refinery as a transformative step toward self-sufficiency.
“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 stated.
According to the Forbes report, despite establishing a family office in Dubai and involving his three daughters in various roles within the family business, his focus remains firmly on Nigeria.
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 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