By Fresh Facts Staff Writer
Africa’s dream of self-sufficiency in petroleum refining may never be realized unless bold political reforms are undertaken to dismantle entrenched rent-seeking and corrupt practices within the oil and gas sector. This was the hard-hitting message delivered by Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote, during a high-profile energy conference in Abuja.
Speaking at the Global Commodity Insights Conference on West Africa’s Refined Fuel Market, jointly hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Commodity Insights, Dangote declared that unless the status quo is forcefully disrupted, no new major refinery may ever be built on the continent.
In his presentation titled “Building an African Refinery Hub: Prospects and Challenges”, the billionaire industrialist did not mince words. He fingered powerful foreign interests and systemic corruption within Africa’s petroleum supply chain as key obstacles preventing progress.
A major target of his criticism was the Lomé Floating Storage Terminal—a massive offshore oil depot near the Togolese coast. The facility, which holds over two million tonnes of petroleum products, is reportedly controlled by powerful international oil trading firms. According to Dangote, the floating terminal acts as a strategic dumping ground for imported fuel, deliberately stifling the growth of domestic refining industries in West and Central Africa.
“This floating market is not about efficiency or competitive pricing,” Dangote said. “It thrives on Africa’s chronic lack of refining capacity. And it is designed to keep us permanently dependent on foreign imports.”
He warned that the vested interests behind this offshore terminal pose a serious threat to the success of any future refinery projects in the region. “The entire purpose of the Lomé floating storage market is to ensure no refinery operates successfully in sub-Saharan Africa,” he charged.
Dangote further explained that his $20 billion Lekki refinery—currently the largest single-train refinery in the world—had to navigate intense resistance from entrenched interests before coming on stream. He described the experience as a battle against a deeply corrupt system where powerful actors benefit from Africa’s fuel import dependency.
“Building a refinery in Africa is not just an industrial venture; it is a political statement,” he noted. “You are disrupting a network of rent-seeking that has enriched people for decades. These interests will fight back viciously to protect their turf.”
He emphasized that without strong political will, policy alignment, and regional cooperation, Africa will remain at the mercy of foreign fuel suppliers.
“Let me be blunt,” Dangote declared. “If political leaders across Africa do not act decisively, no one in this room—myself included—will live to see another major refinery built in our lifetime.”
He urged African governments to prioritize domestic refining capacity as a matter of economic sovereignty and national security. According to him, breaking the monopoly of foreign-controlled offshore depots like the Lomé terminal is crucial if the continent hopes to unlock the full benefits of its vast oil resources.
“The future of Africa’s energy independence lies not in floating tankers but in land-based refineries owned and operated by Africans,” he concluded.
Dangote’s refinery, which is expected to meet Nigeria’s fuel needs and export to other African markets, has already started disrupting fuel prices. But the billionaire insists that real progress will only come when African nations rally behind local industry and decisively end their dependence on external fuel markets.
