Aliko Dangote, Africa’s wealthiest individual, has seen his wealth fortune more than double to $28 billion, following the long-anticipated launch of his Nigerian oil refinery, as reported by the Bloomberg Billionaires Index.
This refinery, the largest single-train facility in the world, can process a variety of crude oils from around the globe and marks a groundbreaking achievement for Dangote, who has financed the $20 billion project largely from his own resources.
At 67, the Nigerian industrial magnate now oversees one of Africa’s most ambitious private-sector ventures.
The refinery is poised to reshape Nigeria’s energy sector by producing refined petroleum products domestically, potentially ending the country’s dependence on fuel imports.
Despite Nigeria’s status as Africa’s largest crude oil producer, this reliance has severely impacted its economy.
Reflecting on the magnitude of the project, Dangote admitted to underestimating its complexity.
“I didn’t know what we were building was a monster,” he said in a recent interview, acknowledging the significant challenges the venture faced, including opposition from local communities and environmental concerns.
Originally planned to be completed in far less time, the refinery’s construction took over 11 years and cost more than triple the initial budget.
Delays were caused by regulatory barriers, and the unexpected effects of the COVID-19 pandemic further extended the timeline.
To ease financial pressures during construction, Dangote’s group had to secure a $5.5 billion loan from local banks, adding to the overall complexity of the project.
This monumental investment, however, is expected to have transformative effects on Nigeria’s economy.
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