Billionaire businessman Aliko Dangote has described his $23 billion Dangote Refinery as the “biggest risk” he has ever taken, acknowledging the immense challenges involved in bringing the project to completion.
In an exclusive interview with Forbes on Monday, Dangote reflected on the difficulties of executing such a massive venture.
“It was the biggest risk of my life. If this didn’t work, I was dead,” he admitted.
Despite its record-breaking 650,000 barrels-per-day capacity and status as Africa’s largest refinery, the journey to completion was filled with uncertainties. Dangote faced significant obstacles, including financing difficulties, regulatory challenges, and securing suppliers.
A Vision for Africa’s Industrialization
Dangote emphasized his commitment to driving industrial growth across Africa.
“We must build our own nation and continent ourselves, rather than relying on foreign investment,” he stated. He also criticized Africa’s reliance on imported goods, stressing that his refinery is a crucial step toward refining the continent’s crude oil locally, generating wealth, and fostering economic prosperity.
Focus on Nigeria and Future Plans
Despite establishing a family office in Dubai and involving his three daughters in various aspects of the business, Dangote remains deeply focused on Nigeria. He dedicates much of his time to overseeing the refinery’s progress, regularly meeting with engineers and managers.
Beyond the refinery, Dangote is pursuing other ambitious projects, including constructing a subsea pipeline to transport natural gas from the Niger Delta to Lagos and expanding the refinery’s fertilizer production capacity.
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 haven’t lost one yet,” he declared.
