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Africa’s Richest Man Is Betting More Than He’s Worth on a Vast Oil Refinery
On a peninsula east of Lagos, 30,000 workers are employed on a project that holds out the promise of transforming Nigeria’s economic fortunes. It’s here that Aliko Dangote, Africa’s richest man, plans to spend more than his net worth of $13.5 billion building one of the world’s biggest oil refineries. If he succeeds, he could end the irony of Africa’s biggest oil producer importing $7 billion of fuel a year, and instead see it meeting its own needs and supplying neighboring nations. The collapse in the oil price and Nigeria’s woeful track record on industrial projects are significant risk factors. Yet ... (full story)