Dangote reveals most daring move of his business career

Africa’s richest man, Aliko Dangote, has described his $23 billion Dangote Refinery project as the “biggest risk” of his life, shedding light on the immense challenges he faced in bringing the ambitious venture to reality.

Speaking in an exclusive interview with Forbes on Monday, the Nigerian billionaire acknowledged the financial, logistical, and regulatory hurdles involved in constructing the world’s largest single-train refinery.

Despite these obstacles, Dangote remained committed to his vision of reducing Nigeria’s dependence on imported petroleum products and positioning the country as a major player in the global energy sector.

The Dangote Refinery, located in Lagos, is expected to refine up to 650,000 barrels of crude oil per day, significantly boosting local production and transforming Nigeria’s oil industry.

The project is seen as a game-changer for the African economy, with the potential to create thousands of jobs and enhance energy security across the continent.

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

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Despite the refinery’s groundbreaking capacity of 650,000 barrels per day and its status as Africa’s largest, Dangote revealed that the journey to completion was fraught with uncertainties.

Dangote also spoke about the hurdles he faced in financing the project, the regulatory challenges, and securing suppliers.

Dangote said he is committed to providing a blueprint for industrialisation across Africa.

“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment.

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.

Undeterred by the challenges, Dangote is determined to ensure the success of his refinery.

According to the Forbes report, despite establishing a family office in Dubai and involving his three daughters in various roles within the family business, his focus remains firmly on Nigeria.

He continues to dedicate much of his time to the refinery, regularly meeting with engineers and managers to oversee progress.

Dangote is also working on ambitious projects such as building a subsea pipeline to transport natural gas from the Niger Delta to Lagos and expanding the capacity of the refinery’s fertiliser plant.

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 have not lost one yet,” he said.