Africa’s richest man, Aliko Dangote, has cautioned that the continent could face serious economic challenges if it does not cut down its reliance on imported fuel, especially as global supply uncertainties continue to grow.
He gave this warning during a media session in Lagos, where he spoke about developments surrounding the Dangote Refinery and the effects of rising global oil prices.
Dangote explained that ongoing tensions in the global oil market, along with supply disruptions, pose a major risk to African countries that depend heavily on fuel imports. He noted that the situation could become even more critical if urgent steps are not taken.
According to him, “Africa must urgently invest in local refining capacity, strengthen industrial production, and create policies that support self sufficiency to avoid economic strain”.
He further stressed that although Africa is rich in natural resources and has the capacity to meet its own energy needs, failure to act now could have lasting consequences, warning that “Africa will pay the price” in the long run.
