- The Nigerian government commended Aliko Dangote for prioritizing national development over lucrative international investments.
- Dangote established the $19 billion Dangote Refinery, the world's largest single-train oil refinery, which processes 650,000 barrels per day.
- Dangote's investment elevated his net worth to $28 billion, solidifying his position as Africa's richest man.
The Nigerian government has praised billionaire industrialist Aliko Dangote for prioritising national development over potential windfalls from global tech investments, in a tribute that stresses the importance of the $19 billion Dangote Refinery.
Dangote could have made $120b in tech, but he chose to build for Nigeria
ADVERTISEMENT
The Nigerian government has praised billionaire industrialist Aliko Dangote for prioritising national development over potential windfalls from global tech investments, in a tribute that stresses the importance of the $19 billion Dangote Refinery.
Speaking at the opening of the Taraba International Investment Summit 2025 in Jalingo, Vice President Kashim Shettima, who represented President Tinubu, stressed that business mogul Aliko Dangote could have chosen to channel his resources into lucrative international companies like Microsoft, Amazon, or Google.
ADVERTISEMENT
“I want to celebrate the greatest black man in the last 300 years, who single-handedly established the largest single train refinery in the world..."
“He started this project in 2007/2008. If he had invested the $19 billion that it took him to set up the Dangote Refinery in Microsoft, in Amazon, in Google, he is going to be worth $120 billion now,"
“But he decided to invest in his own country. Alhaji Aliko Dangote, we are mightily proud of you,” he said.
He emphasised that Nigeria’s economic transformation must start at the grassroots level and be powered by locally sourced resources.
DON'T MISS THIS: Full list of stations selling cheap Dangote refinery fuel in Nigeria
ADVERTISEMENT
Dangote Refinery
The Dangote Refinery, the largest single-train oil refinery globally and the biggest in Africa, marks Aliko Dangote’s most ambitious project yet. Dangote’s net worth doubled to $28 billion last year following the launch of the Refinery. This milestone not only boosted his wealth from about $13 billion but also solidified his position as Africa’s richest man.
Designed to process 650,000 barrels of crude oil per day, the refinery is expected to significantly reduce Nigeria’s dependence on imported refined petroleum products, a long-standing issue in Africa’s biggest oil-producing nation.
Although delayed for several years, the Dangote Refinery, Africa’s largest, built by the continent’s richest man, Aliko Dangote, officially began production of diesel, naphtha, and jet fuel in January last year, followed by petrol production in September.
ADVERTISEMENT
The massive facility surpasses the capacity of Europe’s 10 largest refineries. According to the Organisation of the Petroleum Exporting Countries (OPEC), Dangote's oil push in Nigeria is already starting to disrupt the European oil market.
Economists suggest that the Dangote refinery could potentially end the long-standing gasoline trade from Europe to Africa, which is valued at $17 billion annually.
![Aliko Dangote, alongside other African billionaires listed in TIME’s top 100 philanthropists [Getty Images]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'300'%20height%3D'172'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Aliko Dangote, alongside other African billionaires listed in TIME’s top 100 philanthropists [Getty Images]")