18th February 2025
Billionaire Aliko Dangote has called his $23bn refinery project the biggest risk he has ever taken, admitting that failure would have been disastrous.
In an interview with Forbes on Monday, Dangote revealed the challenges he faced, including financing issues, regulatory hurdles, and securing suppliers.
“If this didn’t work, I was dead,” he said.
Despite these obstacles, the 650,000-barrel-per-day refinery—the largest in Africa—aims to transform the continent’s oil industry. Dangote stressed the importance of self-reliance, saying Africa must build its industries instead of relying on foreign investment.
“Africa has been a dumping ground for finished products for too long. This refinery is a step toward refining our own crude oil and creating wealth for our people,” he added.
Dangote remains focused on Nigeria, overseeing the refinery’s progress and working on major projects, including a subsea gas pipeline and expanding the refinery’s fertiliser plant. He also plans to take the refinery public within the next two years.
“I’ve been fighting battles all my life, and I haven’t lost one yet,” he said.
