By Gwurld4026 
Dangote’s $23 Billion Bet: The Ultimate Risk
Nigerian billionaire Aliko Dangote has described his $23 billion refinery project as the “biggest risk” of his life. In an exclusive interview with Forbes, Dangote revealed that the initial projected cost of the refinery was around $10 billion, but it escalated to over $20 billion as he expanded the project’s scope. He stated, “It was the biggest risk of my life. If this didn’t work, I was dead.”
The Dangote Refinery, located near Lagos, is designed to process 650,000 barrels of crude oil per day, aiming to reduce Nigeria’s dependence on imported refined petroleum products. Despite the challenges and financial risks, Dangote emphasized the transformative potential of the refinery for Nigeria’s oil industry and economy.
However, the project has faced significant hurdles, including securing adequate crude oil supplies. In August 2024, Nigerian refineries, including the Dangote Refinery, increased their crude requirements to 597,700 barrels per day for the second half of the year. Despite these challenges, Dangote remains optimistic about the refinery’s impact on Nigeria’s energy sector.