SEATTLE (Oil Monster): The absence of sufficient indigenous refining capacity forces the African countries to rely on imported oil to meet their needs. The region spends over $90 million annually to import approximately 120 million tonnes of refined petroleum products.
Aliko Dangote, President of the Dangote Group, stated at the just-concluded West African Refined Fuel Conference in Abuja, the capital of Nigeria, that only about 40% of the continent's daily domestic refined product consumption is refined. In comparison, more than 95% of the crude and petroleum products used in other regions, such Asia and Europe, are refined locally.
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Many hundreds of employment have been exported as a result of the significantly increased amount of refined petroleum product imports, which has brought poverty to the African continent.
Dangote called on African governments to intervene to protect homegrown producers from unfair competition. He issued a warning about the growing amount of harmful, low-cost petroleum goods being dumping into African markets. He emphasized the significant irony that the area imports refined goods while exporting raw crude.
Dangote stated that the region will see increased growth and development as a result of the establishment of more domestic refining plants.
