Africa's richest man says the continent has become dumping ground for substandard petroleum products
Aliko Dangote emphasized the importance of reducing Africa's dependency on imported petroleum products.
The Dangote Refinery, operational since 2024, is the largest in Africa and processes 650,000 barrels daily.
The refinery's establishment aims to inspire similar projects across Africa to bolster self-sufficiency.
Aliko Dangote, President of Dangote Industries Limited, has raised concerns about Africa becoming a dumping ground for substandard petroleum products due to its heavy reliance on imports.
Dangote, Africa's richest man, explained that his decision to build the Dangote Refinery was rooted in a deep desire to make Nigeria self-sufficient in refined petroleum products and inspire similar efforts across the continent.
Dangote also revealed that many sceptics questioned the Dangote Group's ability to deliver a project of such magnitude.
' People think building a refinery is like building a house. But, as I always say, if I had known the scale of challenges we would face, I wouldn't have started at all,' the billionaire said.
'We were fortunate as a group because we didn't fully grasp what we were getting into, but we believed that nothing is impossible. We had to keep pushing to ensure delivery,' Dangote said.
He expressed hope that the refinery will inspire other African nations to expand their refining capacity and invest in value-added sectors, rather than continuing the cycle of exporting raw materials.
Dangote refinery disruption
Since commencing operations in 2024, the $20 billion Dangote Refinery, the largest on the African continent with a processing capacity of 650,000 barrels of crude oil per day, has significantly disrupted Nigeria's oil market.
Economists suggest the refinery could even bring an end to the decades-long gasoline trade from Europe to Africa, a market valued at $17 billion annually.
Recently, Dangote announced plans to move ahead with the construction of a major seaport near his fertiliser and oil refinery plants. The project is expected to ease exports and fuel the continued growth of his vast industrial empire.
Earlier this year, he projected that his conglomerate is on track to generate $30 billion in total revenue by next year, even as global concerns mount over the potential impact of U.S. President Donald Trump's trade tariffs.
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