Africa’s wealthiest businessman, Aliko Dangote, has cautioned that continued reliance on imported fuel could expose the continent to serious economic challenges, especially at a time of instability in the global oil market.
He gave this warning in Lagos during a media session where he spoke on recent developments concerning the Dangote Refinery and the implications of rising crude oil prices.
Dangote explained that disruptions in global fuel supply, along with tensions affecting oil production and distribution, may hit African economies hard due to their heavy dependence on imports. He noted that the situation could deteriorate further if urgent steps are not taken.
According to him, “Africa must urgently invest in local refining capacity, strengthen industrial production, and create policies that support self sufficiency to avoid economic strain”.
He also pointed out that Africa is richly endowed with natural resources and has the capacity to meet its own energy demands. However, he stressed that failure to act promptly could come at a high cost, warning that “Africa will pay the price” in the long run.
