Aliko Dangote: "Those who profit from fuel importation are discouraging governments from building refineries in Africa."

 

Africa’s richest man and owner of the $20 billion Dangote Refinery,  Aliko Dangote, has stated that individuals who benefit from fuel importation are deterring African governments from constructing refineries in the continent.

In an interview with CNN correspondent Eleni Giokos at his refinery in Lagos, Nigeria, Dangote made this claim. Despite being one of the top producing regions for oil, he claims that no new refineries have been built in Africa in the last 35 years. DangoteDangote added that weak financial institutions in Africa are among the main factors contributing to this underdevelopment, along with the absence of lending options for investors. Other African nations have attempted to construct refineries but have not been successful. In the previous 35 years, no new refineries have opened in Africa.
Furthermore, because their banks are weak, they won't be able to obtain loans in any case. International banks won't back anything similar, according to Dangote.

Africa must be developed by Africans. The business magnate continued the interview by outlining the reasons African leaders and businesspeople must collaborate in order to advance the continent. According to  Dangote waiting on foreign investors to develop the region is pointless for the continent. He asserts that it may never happen to wait for foreign investment to develop the region. "As Africans, we must ensure that we remain focused and acknowledge that we alone possess the ability to deliver. The only people who can improve Africa are we Africans. It will never happen if we wait for foreign capitalists to come to Africa and build it, Dangote continued.

Things to be aware about
Despite having some of the world's greatest deposits of gas and oil, Africa still faces challenges in meeting its energy needs. The majority of energy used in this area is often imported from Europe and America, which makes the continent highly reliant on imports. A research states that the majority of Africa's oil production is shipped to other continents for use as fuel.

According to the research, around 600 million people in Africa lack access to electricity, and 1.49 billion people lack clean energy for cooking and other household applications. Despite Nigeria's status as a major oil producer, the country still imports the majority of its petroleum products. However, a Dangote refinery Dangote refinery is attempting to 

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