Billionaire businessman, Aliko Dangote says his $23bn Dangote Refinery project is the “biggest risk” of his life, acknowledging the challenges he faced in bringing the venture to fruition.
Dangote disclosed this in an exclusive interview with Forbes on Monday, highlighting the risks involved in such a massive undertaking.
“It was the biggest risk of my life. If this didn’t work, I was dead,” he said.
According to Dangote, inspite of the refinery’s groundbreaking capacity of 650,000 barrels per day and its status as Africa’s largest, completing the project was almost made impossible by a lot of uncertainties, which reared their heads.
He further opened up on the hurdles he faced in financing the project, the regulatory challenges, and securing suppliers.
But the billionaire businessman assured that he’s 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.
He added that Africa has been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa has the capacity to refine its own crude oil, thereby creating wealth and prosperity for its vast population,” he said.
Undeterred by the challenges, Dangote is determined to ensure the success of his refinery.
Forbes reported that despite establishing a family office in Dubai and involving his three daughters in various roles within the family business, Dangote’s focus remains firmly on Nigeria.
He continues to dedicate much of his time to the refinery, regularly meeting with engineers and managers to oversee progress.
Dangote is also working on ambitious projects such as building a subsea pipeline to transport natural gas from the Niger Delta to Lagos and expanding the capacity of the refinery’s fertiliser plant.
Looking ahead, he plans to take the refinery public within the next year or two.
“I’ve been fighting battles all my life and I have not lost one yet,” Dangote said.
