The richest black person in the world, Aliko Dangote has described his $23 billion Dangote Refinery project as the “biggest risk” of his life, highlighting the immense challenges he faced in bringing the ambitious venture to reality.
In an exclusive interview with Forbes on Monday, Dangote opened up about the high stakes involved in the refinery’s development. “It was the biggest risk of my life. If this didn’t work, I was dead,” he admitted.
The refinery, which boasts a ground-breaking capacity of 650,000 barrels per day, is Africa’s largest and represents a significant leap in the continent’s industrialization journey. However, Dangote revealed that the path to completion was riddled with uncertainties, including financing difficulties, regulatory obstacles, and securing reliable suppliers.
Despite these hurdles, Dangote remains committed to his vision of transforming Africa’s industrial landscape. “We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment,” he said.
Dangote also expressed his determination to end Africa’s dependency on imported goods. “Africa has been a mere dumping ground for finished products,” he stated, emphasizing that the refinery marks a crucial step toward empowering the continent to refine its own crude oil and generate wealth for its population.
According to the Forbes report, Dangote continues to dedicate significant time to overseeing the refinery’s operations, frequently meeting with engineers and managers to ensure progress. He has also embarked on other ambitious projects, including the construction of a subsea pipeline to transport natural gas from the Niger Delta to Lagos and the expansion of the refinery’s fertilizer plant.
Looking to the future, Dangote plans to take the refinery public within the next year or two. Despite the challenges, he remains resolute in his pursuit of success. “I’ve been fighting battles all my life, and I have not lost one yet,” he said.
