Billionaire Aliko Dangote has called his $23 billion Dangote Refinery project 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, February 17, Dangote reflected on the monumental undertaking, stating, “It was the biggest risk of my life. If this didn’t work, I was dead.” Despite the refinery’s groundbreaking capacity of 650,000 barrels per day, making it Africa’s largest, Dangote shared the uncertainties and obstacles he encountered along the way.
He also discussed the financial hurdles, regulatory challenges, and difficulties in securing suppliers that made the project particularly daunting.
Dangote emphasized his commitment to Africa’s industrialization, stating, “We have to build our own nation by ourselves. We have to build our own continent by ourselves, not rely on foreign investment.” He expressed frustration that Africa had become “a mere dumping ground for finished products,” highlighting that his refinery aims to give the continent the capacity to refine its own crude oil, thus fostering wealth and prosperity for its people.
Despite establishing a family office in Dubai and involving his three daughters in various roles within the business, Dangote remains deeply focused on Nigeria. He continues to dedicate much of his time to overseeing the refinery, working closely with engineers and managers. Additionally, he is pursuing projects like a subsea pipeline to transport natural gas from the Niger Delta to Lagos, as well as expanding the refinery’s fertilizer plant.
Looking to the future, Dangote 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 remarked.
