How Dangote Turned Crude Oil Blessed Nigeria, That Can’t Refine It Into An Exporter Of Fuels, Doubling His Wealth To $26b
The Oasis Reporters
March 6, 2025
by Adam Oxsen
Twitter @AdamOxden
The richest man in Africa gambled $23 billion on building ONE oil refinery.
Everyone laughed…
But 11 years later, he DOUBLED his net worth in 1 year.
Now he processes 500,000 barrels of oil daily.
Here’s the picture of how Aliko Dangote changed global energy markets forever.
In this photo, Aliko Dangote points the way to industrialization.
2013. Oil prices are soaring. Nigeria, Africa’s largest oil producer, can’t refine its own oil.
Instead, they’re spending billions importing refined products from Europe.
Most saw a problem. Aliko Dangote saw an opportunity.
Building Africa’s largest refinery wouldn’t be easy––he needed:
• 6,511 acres of land
• $23 billion in funding
• 65 million cubic meters of sand
• New infrastructure from scratch.
And this is what made it truly insane:
The location was pure swampland.
Not a single road, port, or power line existed.
Dangote had to build everything from zero, including a deep-sea port, 30km of roads, power plants & water facilities.
The real challenges were just beginning…
The project faced constant setbacks:
Local officials forced him to relocate the entire project.
Nigeria’s currency collapsed, losing 70% of its value.
COVID disrupted global supply chains.
But Dangote knew that this wasn’t just about building a refinery:
It was about transforming Africa’s largest economy.
From importer to exporter.
From dependent to self-sufficient.
The stakes couldn’t be higher.
To fund this monster project, Dangote went all in:
• Secured $5.5B in bank loans
• Sold stakes in his cement business
• Provided $10B from his holding company
“It was the biggest risk of my life. If this didn’t work, I was dead.”
January 2024: The refinery roars to life.
By January 2025, processing 500,000 barrels daily, shipping to:
Europe, Brazil, UK, the US, Singapore & South Korea
Even Saudi Aramco buys their jet fuel.
European refiners watched their market dominance crumble.
Nigeria became a net exporter of jet fuel, naphtha, and fuel oil.
The global energy market shifted overnight.
And Dangote?
His wealth exploded.
From $13.4 billion to $23.9 billion in ONE year.
Nearly doubling his fortune.
But for him it was NEVER about just money.
“We have to build our own nation by ourselves. We have to build our own continent by ourselves.”
His refinery isn’t just processing oil.
It’s processing Africa’s future.
For generations, Africa’s been trapped.
Exporting raw materials cheap.
Importing finished products expensive.
Dangote’s refinery breaks this cycle.
It proves Africa can build world-class facilities.
And that the real opportunity isn’t in what everyone sees…
It’s in what they ignore.
While others saw risks, Dangote saw 200 million people needing fuel.
He saw a continent ready for transformation.
He bet everything on that vision and it changed the global energy market forever:
Dangote showed what’s possible with enough vision.
While tech stocks boom and bust, and real estate fluctuates…
Dangote knew people will always need energy.
It powers modern civilization – homes, businesses, transportation.
That creates unique opportunities…
Credits to Adam Oxden.
