Billionaire businessman Aliko Dangote has shared details about the immense risk he took while setting up his $23 billion Dangote Refinery project.
In an interview with Forbes on Monday, Dangote referred to the refinery project as “the biggest risk” of his life.
“It was the biggest risk of my life. If this didn’t work, I was dead,” Dangote explained.
Despite the refinery’s impressive capacity of 650,000 barrels per day, making it the largest in Africa, Dangote revealed the challenges and uncertainties he faced throughout the project’s development.
Dangote also discussed the financial hurdles, regulatory obstacles, and difficulties in securing suppliers.
He emphasized the importance of self-reliance, stating, “We have to build our own nation by ourselves. We have to build our own continent by ourselves, not rely on foreign investment.”
The business mogul further criticized Africa’s historical reliance on imported finished products, asserting that his refinery marks “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.”
Despite establishing a family office in Dubai and involving his three daughters in the family business, Dangote remains highly focused on Nigeria.
According to Forbes, he dedicates much of his time to overseeing the refinery’s progress, regularly meeting with engineers and managers.