Billionaire Aliko Dangote has shared that his $23 billion Dangote Refinery project was the biggest risk of his life, highlighting the many challenges he faced in realizing this massive venture. In an exclusive interview with Forbes, Dangote openly acknowledged the uncertainties surrounding the project, which is now the largest refinery in Africa, with a capacity of 650,000 barrels per day.
Reflecting on the journey, Dangote revealed that if the refinery project had failed, it would have been a devastating blow for him, both personally and professionally. Despite the challenges, including complex financing, navigating regulatory issues, and securing suppliers, he remained steadfast in his commitment to see the project through.
Dangote emphasized his vision for Africa, stating that the continent must focus on self-sufficiency rather than relying on foreign investment. He expressed a deep desire to change Africa’s reliance on imported finished goods, particularly refined oil, and his refinery represents a pivotal step toward ensuring that Africa can refine its own crude oil, creating wealth and prosperity for its people.
Even with his increasing focus on expanding his business empire globally, including setting up a family office in Dubai and involving his daughters in various roles, Dangote’s heart remains in Nigeria. He continues to dedicate significant time to overseeing the refinery’s progress, regularly meeting with engineers and managers to ensure its success.
Looking to the future, Dangote has more ambitious plans, such as constructing a subsea pipeline to transport natural gas from the Niger Delta to Lagos and expanding the capacity of the refinery’s fertiliser plant. With a goal to take the refinery public in the next few years, Dangote remains determined to achieve his vision, asserting, “I’ve been fighting battles all my life and I have not lost one yet.”