Aliko Dangote, billionaire owner of the Dangote Refinery, has addressed the absence of new refineries in Africa over the past 35 years. In an interview with CNN’s Eleni Giokos, Dangote cited beneficiaries of fuel importation and weak financial institutions as key obstacles.
Dangote explained that financial and political challenges, along with vested interests in fuel importation, hinder refinery development. “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 discouraging their governments from building a refinery,” he stated.
Additionally, Dangote highlighted the difficulty in obtaining loans due to the lack of robust banking systems. The recent commencement of the Dangote Refinery, supplying diesel and jet fuel to Nigeria, marks a significant shift in Africa’s energy sector. This development is crucial as 75 percent of Africa’s crude oil is currently exported, according to APPO Secretary-General Omar Farouk Ibrahim.