Dangote: Africa has become dumping ground for substandard petroleum products

Aliko Dangote, president of the Dangote Industries Limited (DIL), says Africa has become a dumping ground for substandard petroleum products due to overreliance on imports.

According to a statement on Tuesday, Dangote spoke during a recent interview with journalists.

Speaking on his decision to build the Dangote refinery, the billionaire said he was driven by a desire to make Nigeria self-sufficient in refined petroleum products and to spark similar efforts across Africa, despite facing numerous challenges and resistance.

He said the massive project was motivated by a vision to ensure energy independence for Nigeria and the wider continent.

“Apart from Algeria and Libya, which are self-sufficient, virtually every other African country is an importer,” Dangote said.

He said this situation exists despite Africa’s vast crude oil reserves, highlighting the urgent need to establish functional refineries across the continent.

Dangote said many people doubted the Dangote Group’s capacity to deliver a project of such scale.

He said some even advised him to abandon it, pointing to failed attempts by sovereign nations to execute similar ventures.

“People think building a refinery is like building a house. But, as I always say, if I had known the scale of challenges we would face, I wouldn’t have started at all,” the billionaire said.

“We were fortunate as a group because we didn’t fully grasp what we were getting into, but we believed that nothing is impossible.”

He said the company reached a point where it had to choose between cutting its losses or pushing forward to succeed.

“We had to keep pushing to ensure delivery,” Dangote said.

He expressed hope that the refinery will motivate other African nations to boost their refining capacity and invest in value-added sectors rather than exporting raw materials.

DANGOTE TO WEALTHY NIGERIANS: INVEST IN NIGERIA

Dangote urged wealthy Nigerians to invest in the country, as that is the only path to nation-building.

He said meaningful development cannot occur without major domestic investments.

Dangote criticised the practice of exporting African wealth abroad urging entrepreneurs and the affluent to channel their resources into the continent.

“It is only through such commitment that we can drive true development,” he said.

“No nation develops without significant investments. I appeal to all wealthy Nigerians to look inward and invest here, in Nigeria, for the future of our unborn kids.

“There is hardly any country without corruption, but the difference between there and here is that, in those other corrupt nations, they invest the stolen funds in their country and grow their economy rather than keeping it in foreign banks that will not in any way impact positively on the economy.”

Dangote said what Africa truly needs are bold, transformative projects that can confront deep-rooted socio-economic challenges, especially job creation for its rapidly growing population.