A decade ago, Mr. Dangote and other private investors tried and failed to buy the government-owned refineries. He was unavailable for comment, but previously told Reuters he does not apologize for his expansionist desires. “If you don’t have ambition,” he said, “you shouldn’t be alive.”
And for some in a tough business environment like Nigeria, a well-run monopoly is better than the current situation, where getting fuel remains an uncertainty. Indeed, despite oligarchy concerns, Mr. Goldman says he believes that Mr. Dangote’s past success actually bodes well for the refinery and Nigeria. “He has a record of success and delivery, and he doesn’t make mistakes on things like this,” Mr. Goldman said.
And Nigerians are tired of power cuts and overpriced gasoline.
“Most Nigerians see Aliko as a doer,” Mr. Ogunbunmi, the publisher, said. “Many quietly hope the refinery will help reduce uncertainties. Gasoline will be available, and possibly power.”
Beyond solidifying his own legacy, Mr. Dangote hopes his refinery will help diversify Nigeria’s economy while reducing its dependence on imported oil.
“We have other opportunities,” he said at the plant’s unveiling. “Agriculture is there. Petrochemicals are there, Nigeria has more arable land than China. If we finish our gas pipeline, it can generate 12,000 megahertz of power. That’s huge. That’s more than what we are looking for in Nigeria and we can supply the rest of West Africa.”
As his refinery nears completion, Mr. Dangote says he will soon focus on his next dream, owning Britain’s Arsenal football team. “Once I have finished with that headache, I will take on football,” he said. “I love Arsenal, and I will definitely go for it.”