Aliko Dangote
Aliko Dangote, Africa’s wealthiest man and owner of the $20 billion Dangote Refinery, has criticized the individuals who benefit from fuel importation for discouraging the construction of refineries across Africa.
In an interview with CNN reporter Eleni Giokos at his refinery in Lagos, Dangote highlighted significant challenges that have prevented the development of new refineries on the continent over the past 35 years.
“There are so many issues regarding this such as money, political will, and also people who are benefitting from this whole system of importing petroleum products into Africa are actually discouraging their governments from building a refinery,” Dangote stated. He noted that the lack of financial support from weak African financial institutions and reluctance from international banks to fund such projects further exacerbate the problem. “Also, they won’t get loans anyway because they don’t have very strong banks. The international banks will not support anything like this.”
Despite Africa being one of the leading regions for oil production, it remains heavily dependent on imported energy. According to Dangote, 75% of the oil produced in Africa is exported, while the continent imports a significant portion of its energy needs from Europe and America. This situation has left a substantial portion of Africa’s 1.49 billion population without access to clean energy for cooking and other domestic uses, and about 600 million people without electricity.
Dangote emphasized the necessity for African entrepreneurs and leaders to take charge of the continent’s development rather than relying on foreign investors. “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 asserted.
The Dangote Refinery, located in Lagos, aims to address some of these challenges by reducing Nigeria’s reliance on imported petroleum products. Nigeria, despite being a leading oil producer, imports almost all its petroleum products. Dangote’s project seeks to bridge this gap and foster greater self-sufficiency in the energy sector.
In conclusion, Dangote’s remarks shed light on the multifaceted issues hindering the development of refineries in Africa, from vested interests in fuel importation to financial barriers. His call to action underscores the urgent need for self-reliance and proactive leadership to harness the continent’s resources and meet its energy demands.