Dangote: Africa losing $90bn annually to substandard fuel imports

Aliko Dangote, president of the Dangote Group, says Africa is losing as much as $90 billion every year due to the continued importation of substandard fuel.

Dangote raised the alarm while speaking at the ongoing West African Refined Fuel Conference in Abuja.

He decried the continent’s overdependence on imported petroleum products—most of which, he said, are of poor quality and harmful to both human health and the environment.

“So, while we produce plenty of crude, we still import over 120 million tonnes of refined petroleum products each year, effectively exporting jobs and importing poverty into our continent,” he said.

“That’s a $90 billion market opportunity being captured by regions with surplus refining capacity.

“To put this in perspective: 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.”

The billionaire businessman expressed concern that despite the existence of local refining capabilities, many African countries continue to import fuel.

He blamed this on poor infrastructure, weak regulatory enforcement, and inadequate policy support.

Dangote urged governments across the continent to strengthen fuel quality standards and back local refining efforts.

Doing so, he said, would help retain wealth within Africa, reduce emissions, improve public health, and create employment.

He also called for collective action, encouraging African countries to stop relying on imported fuel and instead emulate nations like the United States, Canada, and those in the European Union, which promote and protect domestic fuel producers.