Aliko Dangote, Africa’s richest man, has seen his wealth more than double to $28 billion, following the launch of his Nigerian oil refinery, according to the Bloomberg Billionaires Index.
This refinery, the largest single-train facility globally, can process various crude oils from different regions, marking a major achievement for Dangote, who funded the $20 billion project primarily with his own money.
Dangote, 67, now heads one of Africa’s most ambitious private ventures.
The refinery is set to revolutionize Nigeria’s energy industry by producing refined petroleum locally, which could reduce the country’s dependence on fuel imports—a long-standing issue for Africa’s top oil producer.
Dangote acknowledged the scale of the project in a recent interview, admitting, “I didn’t know what we were building was a monster.”
The refinery faced numerous challenges, including opposition from local communities and environmental concerns.
Initially expected to be completed much faster, the project took over 11 years to finish and cost more than triple the original budget.
Delays were caused by regulatory hurdles and the unexpected impact of the COVID-19 pandemic.
To alleviate financial pressure during construction, Dangote’s company secured a $5.5 billion loan from local banks, further complicating the process.
Despite the challenges, this massive investment is projected to have a positive impact on Nigeria’s economy.
KanyiDaily recalls that Aliko Dangote recently expressed his disappointment over not purchasing Arsenal football club when he had the opportunity.
