Billionaire industrialist Aliko Dangote has described his $23 billion Dangote Refinery as the greatest risk he has ever taken, admitting the enormous challenges he faced in bringing the ambitious project to life.
In an exclusive interview with Forbes on Monday, Dangote reflected on the uncertainties surrounding the refinery’s construction.
“It was the biggest risk of my life. If this didn’t work, I was dead,” he said.
With a capacity of 650,000 barrels per day, the Dangote Refinery stands as Africa’s largest. However, Dangote revealed that the journey to completion was filled with financial, regulatory, and logistical hurdles.
Determined to drive Africa’s industrialisation, he emphasized the need for self-sufficiency in the continent’s development.
“We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment,” he stated.
Dangote also criticized Africa’s long-standing reliance on imported refined products, calling his refinery a “pivotal step” toward transforming the region’s economic future.
Despite setting up a family office in Dubai and involving his three daughters in key business roles, Dangote remains deeply focused on Nigeria and the refinery’s success. He frequently meets with engineers and managers to ensure smooth operations.
Beyond the refinery, he is spearheading other major projects, including a subsea pipeline transporting natural gas from the Niger Delta to Lagos and an expansion of the refinery’s fertilizer plant.
Looking ahead, Dangote intends to take the refinery public within the next two years.
“I’ve been fighting battles all my life, and I have not lost one yet,” he declared.
