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Africa Bleeds $90 Billion Yearly Buying Foreign Fuel — Often Substandard, Nigeria's Dangote Warns
Africa Bleeds $90 Billion Yearly Buying Foreign Fuel — Often Substandard, Nigeria's Dangote Warns
Sputnik Africa
Africa Bleeds $90 Billion Yearly Buying Foreign Fuel — Often Substandard, Nigeria's Dangote Warns 24.07.2025, Sputnik Africa
2025-07-24T13:30+0200
2025-07-24T13:30+0200
2025-07-24T15:03+0200
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Africa Bleeds $90 Billion Yearly Buying Foreign Fuel — Often Substandard, Nigeria's Dangote WarnsDespite producing ample crude oil, Africa imports over 120 million tonnes of refined petroleum products annually worth more than the GDP of 85% of African countries, Aliko Dangote said."We are effectively handing over an entire continent's economic potential to others—year after year," the businessman lamented, speaking at the West African Refined Fuel Conference in Abuja.What obstacles must Africa overcome to achieve energy independence, according to Dangote?Africa is "more than capable of producing" refined products itself, but it refines only about 40% of its daily consumption of refined products domestically, paving the way for cheap, often toxic foreign fuels.African refiners pay extra premiums buying Nigerian crude through international traders instead of directly from producers.High port fees in West Africa (reaching up to 40%) make shipping costs unfairly expensive compared to other countries.Different national fuel standards block cross-border refined product trade within the continent.AI-generated image
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Africa Bleeds $90 Billion Yearly Buying Foreign Fuel — Often Substandard, Nigeria's Dangote Warns
Despite producing ample crude oil, Africa imports over 120 million tonnes of refined petroleum products annually worth more than the GDP of 85% of African countries, Aliko Dangote said.
"We are effectively handing over an entire continent's economic potential to others—year after year," the businessman lamented, speaking at the West African Refined Fuel Conference in Abuja.
What obstacles must Africa overcome to achieve energy independence, according to Dangote?
Africa is "more than capable of producing" refined products itself, but it refines only about 40% of its daily consumption of refined products domestically, paving the way for cheap, often toxic foreign fuels.
African refiners pay extra premiums buying Nigerian crude through international traders instead of directly from producers.
High port fees in West Africa (reaching up to 40%) make shipping costs unfairly expensive compared to other countries.
Different national fuel standards block cross-border refined product trade within the continent.
