Africa Must Build Domestic Refining to Reclaim $90bn Lost to Fuel Imports – Dangote

At the West African Refined Fuel Conference in Abuja, Aliko Dangote, Executive of Dangote Industries Limited, emphasized the need for Africa to invest in domestic refining to reclaim the $90 billion lost to fuel imports annually. Despite Africa producing 7 million barrels of crude oil per day, the continent imports 120 million tonnes of refined petroleum products each year, costing approximately $90 billion.

Dangote highlighted the economic inefficiency of exporting raw crude and importing refined products, stating that Africa must build domestic refining capacity to harness its economic potential. He also discussed the challenges faced in building the Dangote Petroleum Refinery, including technical complexities and commercial obstacles such as exchange rate fluctuations and regulatory bottlenecks.

Dangote called for harmonized fuel standards across African nations to facilitate regional trade and eliminate artificial barriers.