…Bemoans dumping of adulterated gasoline into Africa
President/Chief Executive, Dangote Industries Limited, (DIL), Aliko Dangote, has appealed to African leaders to take deliberate steps—simply because the U.S., Canada, and the EU have completed—to guard home producers from unfair competitors, for the continent to expertise actual development and growth.
Speaking through the ongoing West African Refined Fuel Conference held in Abuja, Dangote stated “…to make matters worse, we are now facing increasing dumping of cheap, often toxic, petroleum products—some of which are blended to substandard levels that would never be allowed in Europe or North America,” he stated.
He additionally cited the rising inflow of discounted, low-quality gasoline originating from Russia — blended with Russian crude below worth caps and dumped in African markets.
Revealing that the continent is handing over its {economic} potential to others and exporting jobs whereas importing poverty again into the continent, he stated: “So, while we produce plenty of crude, we still import over 120 million tonnes of refined petroleum products each year, effectively exporting jobs and importing poverty into our continent. That’s a $90 billion market opportunity being captured by regions with surplus refining capacity. To put this in perspective: only about 15% of African countries have a GDP greater than $90 billion. We are effectively handing over an entire continent’s economic potential to others—year after year,” he stated.
He lamented that Africa is more and more changing into a vacation spot for reasonable, usually poisonous petroleum merchandise — a lot of that are blended to substandard ranges that will not be permitted in Europe or North America.
Dangote revealed that, because of the continent’s restricted home refining capability, Africa imports over 120 million tonnes of refined petroleum merchandise yearly, at a price of roughly $90 billion.
Dangote additional acknowledged that regardless of producing round 7 million barrels of crude oil per day, Africa solely refines about 40% of its 4.3 million barrels every day consumption of refined merchandise domestically. In stark distinction, Europe and Asia refine over 95% of what they eat.
