Big Bet on Oil 🛢

Big Bet on Oil

Africa’s richest man, Aliko Dangote has made a multi-billion dollar investment with the goal of revolutionizing Nigeria’s economy. Dangote plans to spend $15 billion dollars building one of the largest oil refineries in the world.

A project this large requires a huge labor force. There are already over 30,000 workers employed on a peninsula east of Lagos in order to give this project the best chance at success. “Yes, the risks are high, the challenges are high but the rewards are also high,” said Devakumar Edwin, chief executive officer of the refinery complex.

Nigeria is an OPEC member and is the largest oil producer in Africa. Still, Nigeria had to import over $7 billion dollars of fuel last year to meet the country’s demand. If successful, the country will not only have the ability to stop importing billions of dollars in oil, but the country will be able to meet its own needs and supply neighboring nations.

With a net worth of over $13 billion dollars, Mr.Dangote has seen his fair share of successes and failures. For a man who is involved in every industry from sugar and pasta to cement and telecommunications, his desire to bring investment and growth to Africa has never burned hotter. Looks like thinking big is all this guy knows.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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