• Thursday, June 20, 2024
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Petrol importers blocking Africa’s refinery boom- Dangote

Dangote says $2.4bn of $5.5bn refinery loan repaid

Africa’s richest man, Aliko Dangote, has raised concerns about the lack of new refineries on the continent, attributing it to the vested interests of those who profit from fuel importation.

In a recent interview with Eleni Giokos, a CNN reporter, Dangote stated that despite Africa being a major oil producer, no new refineries have been built in the past 35 years.

Dangote also emphasized the lack of access to financing for investors due to weak financial institutions in many African countries. He pointed out that this, combined with political complexities and resistance from those benefiting from the current import system, has created a significant barrier to progress.

“There are other countries in Africa who have been trying to build refineries but have been unable to,” Dangote said. “There has not been a new refinery in Africa in the last 35 years.”

Read also: Dangote Refinery makes history with first jet fuel export to Europe

He stressed the need for Africans to take ownership of their continent’s development, urging them to collaborate and invest in building a more self-sufficient future.

“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,” Dangote said.

Dangote’s comments come as his own $20 billion Dangote Refinery in Lagos, Nigeria, is ramping up production and making significant strides in exporting refined products across Africa, Europe, and Asia.

The refinery’s success stands as a testament to the potential of African-led refinery development.