Aliko Dangote, president of the Dangote Group, says lenders would have taken over his assets if the $20 billion Dangote Refinery project had failed.
Gatekeepers News reports that Dangote made the remark on Monday during a press conference marking the first anniversary of petrol production from the 650,000 barrels-per-day facility.
Reflecting on the risks and hurdles of building Africa’s largest refinery, he described the decision as one of the toughest of his career.
“The decision to build the refinery was not easy. If it had gone wrong, lenders would have taken our assets. But we believed in Nigeria and Africa,” Dangote said.
He acknowledged that the journey was far from smooth, citing resistance from some stakeholders.
“The journey has been challenging because we sought to transform the downstream sector in Nigeria. Some believed we were taking food from their tables, which simply isn’t true,” he said.
“What we have done is to make our country and continent proud. Previously, only two African countries were not importing petrol, but regrettably, they have since resumed imports. This is detrimental to Africa.”
The refinery, which began producing petrol in 2024, has attracted significant financing. In August, the African Export-Import Bank (Afreximbank) announced a $1.35 billion facility for the project, while reports last year indicated foreign oil traders offered loans in exchange for fuel supplies from the plant.
