Billionaire Aliko Dangote has shared insights into the immense risks he took when establishing his $23 billion Dangote Refinery project, calling it the “biggest risk” of his life.
In an interview with Forbes on Monday, Dangote explained that the refinery’s success was crucial, stating, “If this didn’t work, I was dead.”
The refinery, with a groundbreaking capacity of 650,000 barrels per day, is the largest in Africa.
Despite this significant achievement, Dangote revealed the many challenges he faced during the journey, including securing financing, navigating regulatory hurdles, and finding reliable suppliers.
He expressed his belief in Africa’s potential to achieve self-sufficiency, stating, “We have to build our own nation by ourselves. We have to build our own continent by ourselves, not [rely on] foreign investment.”
Dangote further criticized Africa’s reliance on imported finished products, calling it “a mere dumping ground” and emphasizing that his refinery represents a pivotal step towards empowering the continent to refine its own crude oil and create wealth for its population.
Despite having established a family office in Dubai and involving his three daughters in various roles within the business, Dangote’s attention remains firmly on Nigeria.
The business mogul continues to dedicate significant time to the refinery, regularly meeting with engineers and managers to ensure its successful operation.
