Nigerian billionaire and industrialist Aliko Dangote has described his $23 billion oil refinery project as the biggest risk of his life.
The founder of the Dangote Group made the revelation in an exclusive interview with Forbes on Monday while reflecting on the immense challenges and uncertainties that accompanied the landmark investment.
“It was the biggest risk of my life. If this didn’t work, I was dead,” he stated.
The $23 billion Dangote Refinery, one of the largest private-sector investments in Africa’s history, is set to process 650,000 barrels of crude oil per day.
The facility is expected to reduce Nigeria’s long-standing dependence on imported fuel and significantly boost the country’s refining capacity.
In addition to addressing Nigeria’s fuel shortages, the refinery is projected to create thousands of jobs and contribute to diversifying the country’s oil-dependent economy.
Once fully operational, it will also produce key petrochemicals essential for various industries, further driving industrialisation.
Despite its promising outlook, Dangote cited technical challenges, financing hurdles and the disruptions caused by the COVID-19 pandemic as major obstacles that tested his resolve.
With billions of dollars on the line, the industrialist admitted that the pressure was constant.
“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment,” Dangote stated.
Financing the project, he revealed, was particularly challenging with multiple hurdles related to securing loans, managing regulatory approvals and engaging suppliers.
However, Dangote remained committed to his goal of changing the business landscape in Africa.
“The refinery is not just about making money; it’s about changing the way we do business in Africa,” he said. “If we can make this work, it will serve as an example to the rest of the continent about what is possible.”
The refinery is expected to have a transformative impact on Nigeria’s economy by reducing fuel import bills and conserving foreign exchange.
It will also position Nigeria as a key exporter of refined petroleum products across Africa and beyond.
Dangote attributed much of the project’s progress to his determination to overcome setbacks and his belief in Africa’s potential for industrial growth.
