“We are fighting,” Dangote vows to overcome opposition to $20bn oil refinery
Africa’s richest man, Aliko Dangote, has reaffirmed his commitment to fully operationalise his $20 billion oil refinery, despite what he described as entrenched resistance from vested interests in Nigeria’s petroleum import market.
Speaking at a private equity conference in Lagos on Thursday, the billionaire industrialist accused oil importers, long beneficiaries of Nigeria’s government-subsidised fuel system, of working to undermine his project in order to protect their dominance in the energy sector.
“For a very, very long time, these guys have made a lot of money from oil imports,” Semafor quotes Dangote, adding, “They are determined to see that our refinery does not work easily.”
The Dangote Refinery, located in Lagos State and with a capacity to process 650,000 barrels of crude oil per day, began distributing petrol to Nigerians in September 2024. However, it has encountered multiple setbacks, including difficulties sourcing local crude, a surprising challenge for a country that is Africa’s largest crude oil producer.
“We’re fighting, and the fight is not yet finished,” Dangote told the audience. “But I have been fighting all my life and I am ready, and hundred percent sure I will win at the end of the day.”
The refinery is one of Africa’s most ambitious industrial undertakings, and its success is viewed as critical to reducing Nigeria’s reliance on fuel imports, curbing foreign exchange outflows, and strengthening local energy security.
