Nigeria, Feb. 18 -- Aliko Dangote, a Nigerian billionaire and business magnate, stated that the "biggest risk" of his life has been his $23 billion oil refinery project.

In a public statement on Monday, Dangote, the creator of the Dangote Group, acknowledged the enormous obstacles and unknowns that came with the enormous undertaking.

The refinery is one of the biggest private sector projects in Africa's history, having cost more than $23 billion.

"It was the greatest risk I had ever faced. If this didn't succeed, I'd be dead," Dangote told Forbes in an exclusive interview.

It is anticipated that the Dangote Refinery, which would process 650,000 barrels of crude oil per day, will lessen Nigeria's need on imported petroleum, which has h...