Aliko Dangote, a Nigerian billionaire and business magnate, stated that the “biggest risk” of his life has been his $23 billion oil refinery project.
In a public statement on Monday, Dangote, the creator of the Dangote Group, acknowledged the enormous obstacles and unknowns that came with the enormous undertaking.
The refinery is one of the biggest private sector projects in Africa’s history, having cost more than $23 billion.
“It was the greatest risk I had ever faced. If this didn’t succeed, I’d be dead,” Dangote told Forbes in an exclusive interview.
It is anticipated that the Dangote Refinery, which would process 650,000 barrels of crude oil per day, will lessen Nigeria’s need on imported petroleum, which has hampered the country’s economy for decades.
Additionally, it is anticipated that the refinery will diversify Nigeria’s economy, which has been mostly reliant on oil exports, and provide thousands of employment.
Notwithstanding the encouraging prognosis, Dangote stressed that there were several obstacles in the way of completion, such as technical difficulties, financial constraints, and the COVID-19 pandemic’s impact on the world economy.
The businessman acknowledged that he was always worried about possible risks because there was such a large investment at stake.
Dangote also discussed the difficulties he encountered in obtaining vendors, navigating regulations, and funding the project.
Dangote stated that he is dedicated to offering an industrialization roadmap for the continent of Africa.
“We must construct our own country on our own. We cannot [rely on] foreign investment; we must construct our own continent on our own.
Nigeria is anticipated to undergo a radical change as a result of the refinery, which will greatly increase the nation’s refining capacity while also assisting in resolving the long-standing gasoline shortages.
After it is finished, it will process the country’s crude oil and create important petrochemicals that might be used as raw materials in a number of different businesses.
Dangote’s plan to transform Africa’s energy infrastructure is about to come to fruition as the refinery approaches its operational phase.
However, the initiative is much more than a financial endeavor for the millionaire; it is a bold leap of faith in the face of uncertainty.
Dangote came to the conclusion, “The refinery is about changing the way we do business in Africa, not just about making money. If this can be accomplished, it will show the rest of the continent what is feasible.”
All eyes are on Dangote and the future of his enormous refinery project as Nigeria is ready to embark on a new age of energy independence.
