The $23 billion refinery is the biggest risk of my life. I'd be de@d if it didn't work - Dangote.

 

Aliko Dangote, a billionaire, has labeled his $23 billion Dangote Refinery project as the most risky venture he has ever undertaken, acknowledging the difficulties he faced in bringing it to reality.

 

In an exclusive interview with Forbes on Monday, February 17, Dangote discussed the risks that come with such a large project.

 

“It was the biggest risk of my life. If this didn’t work, I was dead,” he said. Even though the refinery had a capacity of 650,000 barrels per day and was Africa's largest, Dangote acknowledged that there were uncertainties throughout the completion process.

 

Dangote discussed the difficulties he faced when financing the project, dealing with regulations, and securing suppliers.

 

Dangote affirmed his commitment to creating a blueprint for industrialization in Africa. Building our nation is something we have to do on our own. Our continent should be built by ourselves instead of relying on foreign investment.

 

He added that 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,” he said.

 

Despite setting up a family office in Dubai and involving his three daughters in various roles within the family business, according to the Forbes report, his attention remains on Nigeria.

 

He devotes most of his time to the refinery, meeting with engineers and managers regularly to monitor progress. Dangote is also working on 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 fertiliser plant.

 

Considering the future, he has a plan to make the refinery public in the next year or two. I have been engaged in battles my entire life and have yet to lose one.