Although the world is moving to renewable energy and electric vehicles which uses solar energy as source of power, Africa’s richest man Alhaji Aliko Dangote is about to finish his $14 billion oil refinery in Lagos, Nigeria. Do not forget that his grand father was the richest man in West Africa and one of the richest men in Africa during his lifetime, his grandsons have taken the spot in the billionaire club.
The Dangote groups is one of Africa’s strongest group of companies spreading its tentacles into several industries ranging from construction, media, agriculture, telecommunication and so on. The 650,000 barrel per day oil refinery, 3 million tons urea fertilizer facility, are being built in Lekki. The group had since 2013 talked about building a refinery but the building commenced in 2018 and is said to end in 2022.
It is no doubt that oil is going nowhere in the next 50 years and oil rich countries will continue to be provided they can refine their crude. Is there a possibility for Aliko Dangote to help improve the GDP of Nigeria and reduce the total cost on imports into the country as Nigeria imports petroleum products more since citizens need petroleum products to perform daily activities as well as industrial activities.
Aliko Dangote has been moving hard into getting his company into every industry that attends to necessity and this has kept him afloat amid devaluations and continuous inflation of the Naira. Then what if the inevitable happens, if Tesla and other car companies start to produce electric cars. Do not forget that cars consume a large amount of PMS which is a vital part of petroleum, will electric cars become the major car for the next 10 years and will Dangote groups remain in business