The Digest:
Aliko Dangote, President of Dangote Industries, has raised alarm over Africa’s annual loss of $90 billion due to the continent’s reliance on imported, often substandard, petroleum products. The comments were made during the ongoing West African Refined Fuel Conference in Abuja.
Key Points:
- Africa imports over 120 million tonnes of refined petroleum products annually, costing $90 billion.
- Despite producing millions of barrels of crude oil daily, Africa refines only 40% of its consumption.
- Dangote’s refinery imports between 9-10 million barrels of crude monthly, with logistical hurdles and costly port charges.
- Dangote warns of substandard, toxic petroleum products being dumped in African markets, posing a danger to consumers and local economies.
- The Dangote refinery, despite facing numerous logistical and regulatory challenges, remains a significant step in addressing Africa’s refining needs.
- Dangote Urges African Governments to Follow the Example of Developed Countries by Implementing Protective Measures for Domestic Refiners.
The continent’s need for refining independence is becoming increasingly urgent as Africa continues to lose billions to imported substandard fuels while failing to capitalize on its vast crude oil reserves.
Sources: Vanguard News, Dangote Industries, NMDPRA
