The President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has called on African leaders to protect domestic producers from unfair competition to spur real growth and development on the continent.
Speaking at the West African Refined Fuel Conference in Abuja, Dangote decried the dumping of adulterated fuel into Africa, which he said poses a significant threat to local industries.
Dangote revealed that Africa is increasingly becoming a destination for cheap, often toxic petroleum products, many of which are blended to substandard levels that would not be permitted in Europe or North America.
He cited the growing influx of discounted, low-quality fuel originating from Russia, blended with Russian crude under price caps and dumped in African markets.
The Dangote boss emphasized that Africa’s limited domestic refining capacity forces the continent to import over 120 million tonnes of refined petroleum products annually, at a cost of approximately $90 billion.
This, he said, effectively exports jobs and imports poverty into the continent, handing over an entire continent’s economic potential to others year after year.
Dangote noted that despite producing around 7 million barrels of crude oil per day, Africa only refines about 40% of its 4.3 million barrels daily consumption of refined products domestically. In contrast, Europe and Asia refine over 95% of what they consume.
Dangote urged African leaders to take deliberate steps to protect domestic producers, just as the U.S., Canada, and the EU have done.
He emphasized that this would enable the continent to experience real growth and development, rather than relying on imported products and sacrificing its economic potential.
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