Building refinery was biggest risk of my career – Dangote

Aliko Dangote, Africa's wealthiest individual, has disclosed that financing the initial $3.7 billion loan for his refinery and fertilizer projects represented the greatest risk of his nearly five-decade-long business journey. Speaking to Arise News in an exclusive interview, Dangote emphasized the enormity of the refinery and fertilizer venture, stating it as the riskiest decision he had ever made.

Securing the loan required Dangote to put all his assets at the time as collateral, alongside a personal guarantee. The refinery, ultimately costing around $20 billion, became one of Africa's most significant privately funded industrial projects. It commenced operations in 2024, producing 700,000 barrels of petroleum products daily, later expanding to include petrol, diesel, and aviation fuel.

Today, the Dangote refinery is pivotal in Nigeria's move towards lessening its reliance on imported petroleum products. Dangote is also set to expand the facility's capacity by a further $14.3 billion, aiming to double its output to 1.4 million barrels per day by 2029.

This week, the refinery announced its public offering, enabling retail and institutional investors to participate in a business that has predominantly remained privately owned. Dangote described the IPO as a 'People’s IPO', expressing his vision to attract at least 10 million shareholders across Africa.

Dangote's willingness to take major financial risks stems from his conviction that Africa cannot attain industrialization without entrepreneurs committing substantial capital to ambitious projects.