Aliko Dangote, the billionaire owner of the $20 billion Dangote Refinery in Lagos, Nigeria, has voiced concerns that reliance on fuel imports is hindering the development of refineries in Africa.
Despite Africa’s significant oil production, no new refineries have been built in the last 35 years. Dangote points to issues such as weak financial institutions, limited loan facilities, and a lack of robust banking systems as key obstacles to refinery construction.
He urges African entrepreneurs and leaders to collaborate in developing the continent, stressing that waiting for foreign investors is not a viable solution.
Despite being rich in oil and gas reserves, Africa struggles to meet its energy demands, relying heavily on imports from Europe and America.
A report highlights that 75% of Africa’s oil production is exported for energy consumption elsewhere, leaving about 600 million people without access to clean energy for household needs.
