*Aliko Dangote, President/Chief Executive of Dangote Industries Limited, laments dumping of cheap and adulterated fuel on the African continent

Isola Moses | 绿帽献妻

Alhaji Aliko Dangote, President/Chief Executive, Dangote Industries Limited (DIL), has appealed to African leaders to take deliberate steps to protect domestic producers from unfair competition, for the continent to experience real growth and development.

This, he noted, is in sync with what the United States (US), Canada, and the European Union (EU) have done to safeguard indigenous industries.

Dangote stated this while speaking during the ongoing West African Refined Fuel Conference held in Abuja, FCT.

The conglomerate stated Dangote also said: “… to make matters worse, we are now facing increasing dumping of cheap, often toxic, petroleum products鈥攕ome of which are blended to substandard levels that would never be allowed in Europe or North America.”

The President of Dangote Group further cited the growing influx of discounted, low-quality fuel originating from Russia 鈥� blended with Russian crude under price caps and dumped in African markets.

He equally argued that the African continent is handing over its economic potential to others and exporting jobs while importing poverty back into the continent.

鈥淪o, 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,” stated he.

Dangote explained: “That鈥檚 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鈥檚 economic potential to others鈥攜ear after year.”

‘Africa becoming a destination for toxic petroleum products’

The Group further said Dangote lamented that Africa is increasingly becoming a destination for cheap, often toxic petroleum products 鈥� many of which are blended to substandard levels that would not be permitted in Europe or North America.

According to him, due to the continent鈥檚 limited domestic refining capacity, Africa imports over 120 million tonnes of refined petroleum products annually, at a cost of approximately $90 billion.

Dangote as well averred that despite producing around 7 million barrels of crude oil per day, Africa only refines about 40% of its 4.3 million barrels daily consumption of refined products domestically.

In stark contrast, Europe and Asia refine over 95% of what they consume, he noted.

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