Aliko Dangote, Africa’s richest man and founder of Dangote Industries Limited, has opened up about the daunting task of building the world’s largest refinery in Nigeria. The refinery, which has a capacity to process 650,000 barrels of crude oil per day, was a monumental undertaking that pushed Dangote to the limits.
Speaking to CNN, Dangote revealed that he would not have taken on the project if he had known the full scope of what was required. “We didn’t know what we were getting into,” he said. “We didn’t know the magnitude of the construction requirements, and if we had known, we would have run away.”
The refinery, which cost $19 billion to build, has a power plant that can meet the electricity needs of five states in Nigeria. It also has a capacity to produce 53 million liters of gasoline, 34 million liters of diesel, 10 million liters of kerosene, and 2 million liters of aviation jet A1 per day. This is a significant improvement over Nigeria’s current reliance on imported refined products.
Despite the challenges faced during construction, Dangote is proud of what has been achieved. “I feel proud as an African that I’ve been able to prove that it can be done and we have done it,” he said.
The refinery has also opened up new opportunities for trade within Africa. With its ability to produce refined petroleum products, Nigeria can now become a major player in the regional market. This is in line with Dangote’s vision for Africa to be self-sufficient and not rely on imported goods.
However, Dangote is aware of the challenges that come with trading within Africa. He believes that the African Continental Free Trade Area (AfCFTA) will be beneficial for Africa’s economic growth. However, he noted that there are still many barriers to trade within Africa, including visa requirements and restrictions on the movement of goods and services.
Dangote is optimistic about the future of his company and is projecting revenue of $30 billion by the end of the year. He is also committed to making Africa great and is working towards this goal through his business ventures.
The refinery is expected to start producing premium motor spirit (PMS) by mid-July. Dangote assured that the refinery will prioritize producing high-quality petroleum products that meet international standards.
In his remarks at the Afreximbank Annual Meetings in Bahamas, Dangote likened oil cartels to a mafia that is hell-bent on maintaining their grip on the industry. He also revealed that his company has paid off $2.4 billion of its $5.5 billion loan for the refinery project.
Overall, Dangote’s achievement in building the world’s largest refinery is a testament to his determination and perseverance. His vision for Africa’s economic growth and self-sufficiency is inspiring, and his commitment to making a positive impact on the continent is unwavering.
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