Dangote accuses cabal behind importation of fuel of discouraging govts from building refineries in Africa

By Stephen Asaba-Ase

Aliko Dangote, Africa’s wealthiest individual and owner of the $20 billion Dangote Refinery, has voiced his concerns about individuals benefiting from fuel importation and how they are hindering African governments from constructing refineries on the continent.

During an interview with CNN’s Eleni Giokos at his refinery in Lagos, Nigeria, Dangote highlighted the fact that no new refineries have been built in Africa over the past 35 years, despite the continent being a major oil-producing region.

Dangote attributed this lack of development to various factors, including the absence of loan facilities for investors due to weak financial institutions in Africa. He also pointed out that those benefiting from the importation of petroleum products are discouraging their governments from investing in refinery construction.

He further explained the need for African entrepreneurs and leaders to take charge of the continent’s development, rather than relying solely on foreign investors. Dangote emphasized that waiting for foreign investors to develop Africa is not a viable solution.

While Africa possesses significant oil and gas reserves, it still faces challenges in meeting its own energy needs. The continent heavily relies on imported energy from Europe and America. Additionally, a large percentage of Africa’s population lacks access to clean energy and electricity.

Despite being a leading oil producer, countries like Nigeria still rely on petroleum product imports. The Dangote Refinery aims to address this issue by reducing Nigeria’s dependence on foreign imports.