Emmanuel OchayiAliko Dangote, Africa’s richest man and owner of the $20 billion Dangote Refinery, has accused fuel importers of preventing African governments from constructing new refineries.
In an interview with CNN’s Eleni Giokos at his refinery in Lagos, Dangote stated: “There has not been a new refinery in Africa in the last 35 years. People benefiting from fuel importation are discouraging their governments from building refineries.”
Join our WhatsApp ChannelDangote highlighted several reasons behind the lack of new refineries, including financial constraints and weak banking systems. “There are other countries in Africa who have been trying to build refineries but have been unable to. They won’t get loans because they don’t have very strong banks. International banks will not support anything like this,” he explained.
According to Dangote, Africa remains one of the leading regions for oil production, yet it hasn’t seen a new refinery in decades. This is despite the continent’s substantial oil and gas reserves. He believes that the political will and financial support necessary for such developments are lacking, partly due to the influence of those who profit from the current system of fuel importation.
Speaking further on the issue, Dangote emphasised the importance of self-reliance for African development. “We Africans have to make sure that we focus and realise that we are the only ones that can deliver. If we are waiting for foreign investors to come and develop Africa, it will never happen,” he said.
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Dangote’s remarks come at a time when Africa continues to struggle with meeting its energy needs. Despite possessing large oil and gas reserves, the continent remains heavily dependent on imports. According to reports, around 75% of oil produced in Africa is exported to other continents. Furthermore, about 1.49 billion Africans lack access to clean energy for cooking and other domestic uses, while approximately 600 million do not have access to electricity.
The Dangote Refinery, one of the largest in the world, aims to address some of these issues. By producing refined petroleum products locally, the refinery seeks to reduce Africa’s dependency on imports. “Nigeria is a leading oil producer, yet it imports almost all its petroleum products. This is a gap we are trying to bridge,” Dangote added.
In conclusion, Dangote’s statements shed light on the challenges faced by the African continent in achieving energy self-sufficiency. His call for local investment and development underscores the need for African leaders and entrepreneurs to take the initiative in addressing these issues. As Dangote pointed out, “We Africans are the only people that can develop Africa.”
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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