Nigerian billionaire and industrialist Aliko Dangote revealed that his $23 billion oil refinery project has been the “biggest risk” of his life.
Dangote, the founder of the Dangote Group, made these remarks in a public statement on Monday, acknowledging the immense challenges and uncertainties that accompanied the monumental project.
At over $23 billion, the refinery is one of the largest private sector investments in Africa’s history.
“It was the biggest risk of my life. If this didn’t work, I was dead,” Dangote said in an exclusive interview with Forbes.
The Dangote Refinery, set to process 650,000 barrels of crude oil per day, is expected to reduce Nigeria’s reliance on imported fuel, which has burdened the nation’s economy for decades.
Read also: Aside MRS, here are marketers lifting petrol directly from Dangote refinery
The refinery is also expected to create thousands of jobs and contribute to the diversification of Nigeria’s economy, which has been heavily dependent on oil exports.
Despite the promising outlook, Dangote emphasized that the journey to completion was fraught with difficulties, including technical challenges, financing hurdles, and the global economic uncertainty caused by the COVID-19 pandemic.
With such a vast investment at stake, the businessman admitted that he was constantly concerned about potential risks.
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.
The refinery is expected to have a transformative impact on Nigeria, helping to solve the country’s long-standing fuel shortages while also significantly boosting its refining capacity.
Once completed, it will not only process the nation’s crude oil but will also produce key petrochemicals that could serve as raw materials for a variety of industries.
As the refinery nears its operational phase, Dangote’s vision of reshaping Africa’s energy infrastructure is on the cusp of becoming a reality.
But for the billionaire, the project represents far more than just a business venture—it marks a daring leap of faith in the face of uncertainty.
“The refinery is not just about making money; it’s about changing the way we do business in Africa,” Dangote concluded. “If we can make this work, it will serve as an example to the rest of the continent about what is possible.”
As Nigeria prepares to enter a new era of energy independence, all eyes are on Dangote and the future of his ambitious refinery project.
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