Billionaire businessman Aliko Dangote has called his $23 billion Dangote Refinery the “biggest risk” he has ever undertaken, reflecting on the massive challenges and uncertainties involved in the realization of the project. In an exclusive interview with Forbes on Monday, Dangote shared his thoughts on the venture and the obstacles he faced throughout the process of its development.
Dangote admitted, “It was the biggest risk of my life. If this didn’t work, I was dead,” acknowledging the weight of the gamble he took on the ambitious refinery project. He emphasized that the refinery’s development, which includes a groundbreaking capacity to refine 650,000 barrels of crude oil per day, has been filled with hurdles. This makes it not only the largest refinery in Africa but one of the largest in the world. Despite its scale, Dangote’s journey to completion has been fraught with challenges such as securing financing, overcoming regulatory hurdles, and sourcing suppliers amidst an industry heavily reliant on imports.
A Vision for Africa’s Industrialization
Speaking on his broader vision for Africa’s economic growth, Dangote underscored his belief in the need for industrialization within the continent. He said, “We must build our own nation and continent ourselves, rather than relying on foreign investment.” He went on to criticize Africa’s dependency on imported goods and emphasized that the Dangote Refinery is a vital step toward changing that narrative. By refining crude oil locally within Africa, the refinery is set to generate wealth, create jobs, and spur further economic prosperity across the continent.
Focus on Nigeria and Future Plans
Although Dangote has expanded his business interests globally, including establishing a family office in Dubai and involving his three daughters in various aspects of the business, he remains deeply committed to his roots in Nigeria. He continues to dedicate significant time to overseeing the refinery's progress, frequently meeting with engineers and managers to ensure the project’s success.
In addition to the refinery, Dangote is also engaged in ambitious infrastructure projects, including the construction of a subsea pipeline that will transport natural gas from the Niger Delta region to Lagos. Furthermore, he plans to expand the refinery’s fertilizer production capabilities, with the aim of boosting agricultural productivity across Africa.
Dangote has no plans to slow down, and he stated that he is looking forward to taking the Dangote Refinery public within the next year or two. With confidence, he asserted, “I’ve been fighting battles all my life, and I haven’t lost one yet,” signaling that he is undeterred by the challenges ahead.