Aliko Dangote, President and Chief Executive of Dangote Petroleum Refinery, has revealed that the stakes in constructing Africa’s largest oil refinery were so high that failure would have wiped out his entire fortune.
Speaking at a Lagos conference celebrating the first anniversary of the refinery’s petrol production, on Tuesday Dangote described the $19 billion, 650,000-barrels-per-day facility as a milestone not only for Nigeria but for the entire continent.
Commissioned to produce Premium Motor Spirit (PMS) on September 15, 2024, the refinery, according to him, has since ended Nigeria’s decades-long cycle of fuel shortages.
Recalling the project’s early challenges, Dangote said he was repeatedly warned by global oil experts, investors, and even senior government figures that such a venture was beyond the capacity of a private entrepreneur.
Also see: Presidency Predicts a Return to Single-Digit Inflation
“The decision to build this refinery wasn’t easy,” he said. “If it had failed, the banks would have taken everything. But we believed in Nigeria and in Africa.”
He noted that many doubted the feasibility of the plan, pointing out that even major international oil companies had abandoned similar ambitions. Nonetheless, the Dangote Group secured financing from a blend of local and foreign banks and pushed forward.
“Today, this refinery stands as proof of what Africans can accomplish when we refuse to be limited,” Dangote added.
