Aliko Dangote, founder and chairman of the Dangote Group, is an emblematic figure in the Nigerian economy. As the richest man in Africa, his influence on the industrial and economic development of Nigeria is undeniable. His group, which spans sectors as diverse as cement, sugar, and oil production, has significantly contributed to the economic diversification of the country. The construction of a $19 billion oil refinery in Lagos represents his most ambitious project, aimed at reducing Nigeria’s dependence on imported petroleum products.
During the annual meetings of the African Export-Import Bank (Afreximbank), Dangote shed light on the major challenges encountered in implementing this colossal project. He particularly highlighted the fierce opposition from what he describes as the “oil mafia,” local and international criminal organizations seeking to maintain their control over the energy market.
According to Dangote, this oil mafia is even more formidable than the drug trafficking mafia. This startling revelation underscores the scale of the stakes in the Nigerian oil sector and the determination needed to initiate changes.
In the face of these repeated attempts at sabotage, Dangote demonstrated remarkable resilience. He described the various strategies deployed against him to prevent him from continuing his activities, particularly during the COVID-19 period, when some international banks reportedly tried to push him into defaulting on his loans.
Despite these obstacles, Dangote has successfully repaid a substantial portion of the loan taken out for the refinery, amounting to $2.4 billion of a total $5.5 billion. This act shows his ability to effectively manage his finances and maintain the viability of his projects despite external pressures.
Furthermore, Dangote announced his intention to diversify further by investing in the steel sector, with the goal of using exclusively Nigerian-produced steel. This move toward self-sufficiency would further strengthen the country’s economic independence from foreign imports.
Finally, the Dangote refinery, which was initially scheduled to start selling oil in June, has postponed this deadline to mid-July, citing minor logistical issues. Although a minor delay, it reflects the ongoing logistical challenges that the project faces in such a competitive and hostile environment.
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