Africa’s richest man, Aliko Dangote, has officially unveiled the continent’s largest oil refinery, a monumental project set to transform Nigeria’s energy landscape and reduce its reliance on imported fuel. The refinery, located in Lagos, is expected to process 650,000 barrels of crude oil per day, making it one of the largest single-train refineries in the world.
In an exclusive interview with Francine Lacqua of Bloomberg monitored by The High Street Journal, Dangote opened up about the immense challenges of building the refinery, his thoughts on fuel prices, and why his dream of buying Arsenal Football Club remains on hold. Reflecting on the journey to complete the refinery, Dangote described the project as a “monster” that tested his resolve and resources.
“To tell you the truth, it was a monster. If I knew how difficult it was, putting up this kind of edifice, I wouldn’t have started at all. By the time we realized it was difficult, we had already started, so we had no choice than to deliver,” Dangote said.
The billionaire industrialist revealed that the project, launched in 2013, faced hurdles from the outset. “Launching the project in 2013, we had a lot of challenges with the state government. It took us five years to start; after we had taken about $2.4 billion loan to start, and interest was counting,” he said.
Despite these obstacles, Dangote persevered, driven by his vision to position Nigeria as a self-sufficient energy producer and a major player in the global oil market.
The Dangote Refinery is expected to reduce Nigeria’s dependence on imported refined petroleum products, which has long been a drain on the country’s foreign exchange reserves. By producing gasoline, diesel, and jet fuel locally, the refinery is poised to stabilize fuel prices and create thousands of jobs.
When asked about his long-standing ambition to buy Arsenal Football Club, Dangote admitted that the refinery project has taken precedence.
“Because I’ve built the oil refinery, I will not be able to buy Arsenal,” he said with a smile. The billionaire, a well-known football enthusiast, has previously expressed interest in acquiring the English Premier League club. However, the massive investment required for the refinery has temporarily sidelined his football ambitions.
Despite the challenges, Dangote’s determination to deliver the project underscores his reputation as a visionary leader and a driving force for economic growth on the continent.
As the refinery begins operations, all eyes are on its potential to reshape Africa’s energy sector and inspire future large-scale industrial projects. For Dangote, the journey has been arduous, but the rewards are monumental.
