Dangote added that failure to act decisively now means “Africa will pay the price” in the long run.
By Kehinde Okeowo
Nigerian businessman and founder of the Dangote Group, Aliko Dangote, has warned that the African continent’s dependence on imported fuel amid global supply uncertainties will lead to severe economic consequences.
Africa’s richest man made this known in Lagos recently during a media engagement with journalists.
Since the war between US-backed Israel and Iran broke out weeks ago, prices of petroleum products in Nigeria have risen by close to 100 per cent.
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While addressing developments regarding the Dangote Refinery and the impact of rising global oil prices, Dangote canvassed for policies focused on reducing fuel imports across African countries.
He added that ongoing tensions in the global oil market and supply disruptions could significantly affect African nations that rely heavily on fuel imports, stressing that the situation could worsen if proactive measures are not taken.
Addressing newsmen, he said: “Africa must urgently invest in local refining capacity, strengthen industrial production, and create policies that support self-sufficiency to avoid economic strain.”
The business mogul added that with its vast natural resources, the continent has the potential to meet its own needs, but warned that failure to act decisively now means “Africa will pay the price” in the long run.
