Africa’s richest man and owner of the $20 billion Dangote Refinery, Aliko Dangote, has stated that those profiting from fuel importation are obstructing African governments from building refineries across the continent.
Dangote made this assertion during an interview with CNN’s Eleni Giokos at his refinery in Lagos, Nigeria.
He pointed out that no new refineries have been constructed in Africa in the last 35 years, despite the continent being a major oil producer.
“There are other countries in Africa who have been trying to build refineries but have been unable to. There has not been a new refinery in Africa in the last 35 years,” Dangote said.
He cited various barriers, including financial challenges due to weak banking institutions and the lack of political will. Additionally, individuals benefiting from the current system of importing petroleum products are actively discouraging governments from pursuing refinery projects.
Dangote emphasized that African financial institutions lack the strength to support such large-scale projects, and international banks are also reluctant to provide funding.
Speaking further in the interview, Dangote urged African entrepreneurs and leaders to take the initiative in developing the continent, rather than waiting for foreign investors. He stressed that relying on external investment for development is an unrealistic expectation.
“We Africans have to make sure that we focus and realize that we are the only ones that can deliver. We Africans are the only people that can develop Africa. If we are waiting for foreign investors to come and develop Africa, it will never happen,” he said.
Despite possessing some of the world’s largest oil and gas reserves, Africa struggles to meet its own energy needs. The continent is heavily dependent on energy imports from Europe and America, with about 75% of its oil production exported for consumption elsewhere.
This import dependency leaves Africa vulnerable and underdeveloped in terms of energy infrastructure.
A significant portion of Africa’s population faces energy poverty: around 1.49 billion people lack access to clean cooking energy, and approximately 600 million do not have access to electricity.
The Dangote Refinery represents a significant step towards addressing these issues, aiming to reduce Africa’s dependency on imported petroleum products and enhance the continent’s energy self-sufficiency.
