Billionaire industrialist Aliko Dangote has described his $23 billion Dangote Refinery as the biggest risk he has ever taken, admitting that failure would have been catastrophic.
“It was the biggest risk of my life. If this didn’t work, I was dead,” Dangote told Forbes in an exclusive interview on Monday, reflecting on the immense challenges of bringing the project to completion.
Overcoming Financial and Regulatory Hurdles
Despite the refinery’s 650,000 barrels-per-day capacity—making it Africa’s largest—Dangote revealed that the road to completion was filled with financing struggles, regulatory obstacles, and supply chain difficulties.
Determined to drive Africa’s industrialization, he emphasized the importance of self-reliance rather than depending solely on foreign investments.
“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.
Ending Africa’s Dependence on Imported Fuel
Dangote criticized Africa’s long-standing role as a dumping ground for imported refined products, stating that his refinery is a game-changer in ensuring that the continent refines its own crude oil, creating jobs, wealth, and economic prosperity.
Future Plans: IPO and Expansion
Despite already achieving a historic milestone, Dangote remains deeply involved in the day-to-day operations of the refinery.
According to Forbes, while he has a family office in Dubai and has brought his three daughters into the business, his primary focus remains Nigeria.
He is currently working on:
- A subsea gas pipeline from the Niger Delta to Lagos
- Expanding the refinery’s fertiliser plant
- Taking the refinery public within the next one to two years
Reflecting on his journey, Dangote confidently declared:
“I’ve been fighting battles all my life, and I have not lost one yet.”
