“It Was the Biggest Risk of My Life” – Dangote on $23 Billion Refinery

Billionaire industrialist Aliko Dangote has described his $23 billion refinery project as the “biggest risk” of his life, acknowledging the immense challenges he faced in bringing it to completion.

In an exclusive interview with Forbes, Dangote revealed the high stakes involved in the venture, saying, “It was the biggest risk of my life. If this didn’t work, I was dead.”

The Dangote Refinery, with a capacity of 650,000 barrels per day, is Africa’s largest and is expected to transform the continent’s refining capacity. However, Dangote admitted that the journey was fraught with uncertainty, particularly in securing financing, navigating regulatory hurdles, and ensuring a reliable supply chain.

He emphasized the importance of African-led industrialisation, stating, “We have to build our own nation by ourselves. We have to build our own continent by ourselves, not rely on foreign investment.”

Dangote expressed concern that Africa has long served as a dumping ground for finished products and stressed that his refinery represents a crucial step toward self-sufficiency. By refining crude oil within Africa, he believes the continent can generate wealth and economic stability.

Despite the challenges, Dangote remains determined to ensure the refinery’s success. According to the Forbes report, he continues to devote significant time to the project, meeting regularly with engineers and managers to oversee its operations.

Beyond the refinery, Dangote is also focused on expanding his industrial footprint. He is developing a subsea pipeline to transport natural gas from the Niger Delta to Lagos and enhancing the capacity of his fertiliser plant. Looking ahead, he plans to take the refinery public within the next year or two.

Reflecting on his journey, Dangote remains resolute. “I’ve been fighting battles all my life, and I have not lost one yet,” he said.