Aliko Dangote, Africa’s richest man, has seen his wealth more than double to $27.8 billion following the successful launch of his massive oil refinery in Nigeria. The Dangote Refinery, located near Lagos, is the largest single-train refinery in the world, capable of processing various types of crude oil, and was built over 11 years at a cost of $20 billion. Despite the financial gains, Dangote has described the process as grueling and fraught with challenges, likening the experience to building a “monster.”
“I wouldn’t wish the experience on my worst enemy,” Dangote, 67, said, noting the immense pressure he faced during the project’s construction. The refinery has the potential to make Nigeria energy self-sufficient, reducing its reliance on fuel imports, but the journey has not been easy.
Dangote encountered numerous hurdles, including disagreements with the government, challenges over land acquisition, environmental concerns, and logistical setbacks. The project took significantly longer and cost more than initially planned. Additionally, the refinery has faced difficulties sourcing crude from Nigeria due to long-term contracts, forcing it to buy from abroad and adding to its costs.
The challenges haven’t diminished Dangote’s ambition to transform Nigeria’s oil industry. His goal is to address the country’s paradox of being Africa’s largest oil producer while lacking functioning refineries. Nigeria currently exports its crude oil, refines it abroad, and re-imports it as fuel, a process Dangote aims to eliminate.
Despite the project’s complexity and costs, Dangote remains confident in its transformative potential. He has also expressed frustration with government dealings, particularly with the state-owned Nigerian National Petroleum Corporation (NNPC), with whom he has had to negotiate for crude supply and other vital resources.
“I’m passionate about it because you’re going to leave a real legacy, especially in Africa,” Dangote said, reflecting on his industrial ventures. He is proud of the impact his businesses, including cement, sugar, and flour, have had on Nigeria’s development, and he views the refinery as another step toward making the country self-sufficient in critical sectors.
Dangote’s wealth, largely built on commodities like cement, sugar, salt, and flour, is an anomaly in Nigeria, where much of the population lives below the poverty line. His ventures have helped to industrialize Nigeria, and he hopes to do the same for its oil industry. The businessman is now looking to diversify his investments further, including co-investing with other billionaires and establishing a family office in Dubai, managed by his daughter Halima.
Although Dangote is press-shy, his forthrightness about the refinery’s challenges has earned him respect. “For him to be speaking very clearly about it has earned him a lot of respect,” said Zainab Usman, a political economist at the Carnegie Endowment for International Peace.
As Dangote plans his next steps, he also remains committed to philanthropy. He aims to donate $10 billion through his charitable foundation over time, hoping to leave a lasting impact on Nigeria and Africa.
Despite the hardships, Dangote remains confident in his legacy. “Sorry, it’s better than selling bags,” he joked, referring to his status as Africa’s richest person, a title he reclaimed from South African billionaire Johann Rupert.
