Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

Billionaire industrialist Aliko Dangote has warned that no new large-scale refinery project may be built in Africa unless entrenched rent-seeking interests in the petroleum sector are dismantled through bold political action. Dangote specifically pointed to the Lomé Floating Storage Terminal off the coast of Togo as a major threat to Africa’s refining ambitions.

For further information, read more details here

“The whole essence of the Lomé floating market is to ensure that no refinery operates in sub-Saharan Africa,” Dangote said at the Global Commodity Insights Conference on West Africa’s refined fuel market. “I don’t see any new major refinery project succeeding in the existing offshore domain market. The obstacle must be dismantled through policy alignment, regional cooperation, and above all, strong political will.

Dangote emphasised that the floating storage terminal, which houses over 2 million tonnes of petroleum products, serves as a strategic dumping ground for imported fuel controlled by powerful international trading firms. He warned that unless governments across Africa take collective action to break the monopoly of this terminal and prioritise domestic refining, the region will remain hostage to foreign supply chains that profit at Africa’s expense.

The Role of Agricultural Education in Climate Change Mitigation

“Without political support, there is no way for any new large refinery to be built in our lifetime,”* Dangote said. *”Let me be blunt: if strong political will is not mustered, nobody in this room, myself included, will live to see another major refinery built in sub-Saharan Africa.”

Dangote also highlighted the challenges his $20 billion refinery in Lekki faced and warned that other investors may never succeed unless decisive reforms are implemented

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post