$23bn Refinery Was Biggest Risk Of My Life, If It Didn’t Work, I Was Dead – Dangote

Nigerian billionaire, Aliko Dangote has called his $23 billion Dangote Refinery project the biggest risk he has ever taken, admitting that failure was not an option.

Speaking in an exclusive interview with Forbes on Monday, February 17, Dangote reflected on the challenges of completing Africa’s largest refinery, which has a capacity of 650,000 barrels per day.

“It was the biggest risk of my life. If this didn’t work, I was dead,” he said.

Despite the refinery’s massive scale, the industrialist said he faced numerous obstacles, including financial struggles, regulatory hurdles, and securing reliable suppliers.

Dangote emphasized his vision for Africa’s industrial growth, stating that the continent must take charge of its own development instead of depending on foreign investors.

“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.

He added that Africa has been “a mere dumping ground for finished products,” and 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,” he said.

According to Forbes, despite setting up a family office in Dubai and involving his three daughters in different aspects of his business empire, Dangote’s primary focus remains Nigeria.

The billionaire continues to oversee the refinery’s operations closely, frequently meeting with engineers and managers to ensure smooth progress.

Beyond the refinery, he is also working on major projects like constructing a subsea pipeline to transport natural gas from the Niger Delta to Lagos and expanding his fertilizer plant’s production capacity.

Looking ahead, Dangote plans to take the refinery public within the next one or two years. Confident in his track record, he stated, “I’ve been fighting battles all my life and I have not lost one yet.”

KanyiDaily recalls that Aliko Dangote recently saw his wealth more than double to $28 billion, following the launch of his oil refinery, according to the Bloomberg Billionaires Index.