Over the past eight years, Aliko Dangote, Africa’s richest man, has built one of the world’s largest oil refineries, covering an area equivalent to 4,000 football fields.
Started in 2016 at the Lekki Free Zone near Lagos, Nigeria, the refinery began operations in May 2023 and aims to produce 650,000 barrels of oil per day.
Despite Nigeria being a major oil producer, it has relied on imported fuel due to a lack of refining capacity.
Dangote’s refinery aims to change this by making Nigeria self-sufficient and providing fuel to other African countries.
The $19 billion project will take time for local oil producers to adjust to, but Dangote is confident in overcoming these challenges, stating, “I’ve been fighting battles all my life, so I don’t get scared of anything.”
CNN’s Eleni Giokos interviewed Dangote at the refinery. He discussed the challenges of getting local oil producers to sell crude to his refinery, as they are used to exporting it.
He emphasized the need for Nigeria to become self-sufficient in oil production, predicting that by mid-year, the refinery will fully meet Nigeria’s demand and start exporting 40% of its output.
Dangote also highlighted his success in the cement industry, where he made Nigeria self-sufficient by building a massive cement plant, competing effectively with imported cement.
He spoke about the potential benefits of the African Continental Free Trade Area (AfCFTA), although he has not seen significant improvements yet.
He stressed the importance of reducing import reliance to foster industrialization in Africa, stating that continued imports would destroy local industries and export jobs.
Dangote’s efforts reflect a broader vision for industrializing Africa, a mission he believes Africans must undertake themselves.
Consistent policies and a favorable investment climate are crucial for this transformation.
(Source: CNN)
https://edition.cnn.com/2024/06/05/africa/aliko-dangote-oil-refinery-nigeria-spc/index.html