Aliko Dangote, President and Chief Executive of Dangote Industries Limited (DIL), has issued a powerful plea to African leaders, urging them to implement protective measures for domestic producers similar to those in the U.S., Canada, and the EU.
His call, made during the West African Refined Fuel Conference in Abuja, emphasised that such actions are crucial for the continent's genuine growth and development.
Dangote expressed grave concern over the increasing influx of cheap, often toxic petroleum products into Africa, many of which are blended to substandard levels that would be prohibited in Europe or North America.
He specifically highlighted the growing flow of discounted, low-quality fuel from Russia, noting it's often blended with Russian crude under price caps before being dumped in African markets.
"We are effectively exporting jobs and importing poverty into our continent," Dangote lamented, pointing out that Africa imports over 120 million tonnes of refined petroleum products annually, costing approximately $90 billion.
This staggering figure, he noted, represents a $90 billion market opportunity being seized by regions with surplus refining capacity.
"Only about 15% of African countries have a GDP greater than $90 billion. We are effectively handing over an entire continent's economic potential to others, year after year," he stated emphatically.
Despite producing around 7 million barrels of crude oil daily, Africa only refines about 40% of its 4.3 million barrels daily consumption of refined products domestically.
In stark contrast, Europe and Asia refine over 95% of what they consume.
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