President of the Dangote Group, Aliko Dangote, has declared that his $20 billion investment in the Dangote Petroleum Refinery is too significant to be allowed to fail.
Speaking on the challenges facing the refinery, Dangote said he has had to develop strategic measures to ensure the project’s survival amid what he described as a prolonged struggle with vested interests.
Dangote stressed that he is prepared to withstand ongoing pressures within Nigeria’s downstream oil sector.
“I must have a strategy on how to survive because a $20 billion investment is too big to fail. We are in a situation where we continue to play cat and mouse, and at the end of the day somebody will give up — either we give up or they will give up. I don’t think I will give up,” he said.
Dangote further revealed that the refinery is currently operating at a loss, countering perceptions that he is profiting from the ongoing developments in the petroleum sector.
The Dangote Refinery, located in Lekki, Lagos, is expected to significantly reduce Nigeria’s reliance on imported petroleum products.
According to him, fuel importers and marketers are resisting the success of local refining because it threatens their long-standing dependence on imports.
He added that he prays and wishes that fuel importers would incur even greater losses, arguing that continued fuel importation undermines Nigeria’s economic interests.
Dangote maintained that he is not “printing money” from the refinery, noting that he is also losing money, but remains determined to see the project succeed in the long term.
