Billionaire business mogul, Aliko Dangote has described his $23bn Dangote Refinery project as the “biggest risk” of his life, while speaking about the huddles he had to face before the investment came to life. The kano state born businessman was speaking in an exclusive interview with Forbes yesterday Monday, when he opened up about the risks involved in such a massive undertaking.
Dangote said, “It was the biggest risk of my life. If this didn’t work, I was dead” .
Despite the refinery’s groundbreaking capacity of 650,000 barrels per day and its status as Africa’s largest oil investment, Dangote revealed that the journey to completion was turbulent full with uncertainties.
He also spoke about the challenges he faced in financing the project, the regulatory challenges, and securing suppliers, saying I was really a herculean task.
Dangote said with his experience, he is committed to providing a blueprint for industrialization 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.
According to him, 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”.
Undeterred by the challenges on his way, Dangote saw through to ensure the success of his refinery.
According to the Forbes report, despite establishing a family office in Dubai and involving his three daughters in various roles within the family business, his 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.
Meanwhile, he 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 fertilizer plant.
In a long term, 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,” he said.
