By Esther Ososanya
Africa’s richest man, Aliko Dangote, has delivered a sobering warning to the continent’s leaders: Unless powerful fuel import interests are confronted head-on, no new refinery will ever be built again in sub-Saharan Africa.
Speaking at the Global Commodity Insights Conference in Abuja, the billionaire industrialist declared that entrenched rent-seeking, offshore fuel cartels, and political inaction are suffocating Africa’s refining future even as nations struggle with energy insecurity and rising fuel costs.
“Let me be blunt: If strong political will is not mustered, nobody in this room, myself included, will live to see another major refinery built in sub-Saharan Africa,” Dangote said.
THE OFFSHORE STRANGLEHOLD
Delivering a presentation titled “Building an African Refinery Hub: Prospects and Challenges”, Dangote pointed directly at the Lomé Floating Storage Terminal, an offshore oil depot near Togo, as a powerful symbol of Africa’s refining problem.
The depot, which holds over two million tonnes of petroleum products, supplies a vast portion of West and Central Africa’s fuel not because of competitive pricing or superior logistics but because local refining capacity remains critically weak.
“The Lomé floating market was created to keep Africa dependent. It is dominated by global oil traders profiting from inflated prices, thanks to our failure to build and defend our own refineries,” Dangote said.
FIGHTING A SYSTEM BUILT TO FAIL LOCAL REFINERIES
Dangote’s address was a searing critique of the political and economic forces that have historically blocked industrial self-reliance in Africa’s oil sector. According to him, rent-seeking within the fuel import system has become institutionalised, making large-scale refining a threat to the status quo.
“When you build a factory and disrupt that system, you’re not just invading; you’re confronting powerful interests who will fight back aggressively,” he warned.
Citing the intense resistance his $20 billion Lekki Refinery faced before it became operational, Dangote made it clear that new projects would not survive without deliberate political protection.
REFINING OR DEPENDENCE: A CONTINENTAL CROSSROADS
Africa consumes millions of metric tonnes of fuel every month, yet more than 80% of it is imported, leaving national economies vulnerable to price shocks, forex strain, and fuel scarcity.
Dangote argued that no meaningful industrial future can exist without breaking this cycle. His refinery, which has already started lowering prices regionally, is proof that local solutions are possible but only if governments stop enabling those who benefit from import dependence.
“This sector has historically been a major avenue for corruption. Refineries dismantle that gravy train, which is why they’re resisted,” he said.
ALSO READ: Dangote Refinery to Source All Crude Locally by Year-End
THE CALL FOR POLITICAL WILL
Wrapping up his presentation, Dangote called for a continent-wide reckoning and urged African leaders to rise above vested interests to protect long-term energy security.
“If political leaders do not act now, future generations will still be dependent on imported fuel while the rest of the world moves forward,” he said.
“Without political support, there is no way for any new large refinery to be built in our lifetime.”
CONFERENCE BACKDROP
The Global Commodity Insights Conference, co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global, brought together regulators, industry leaders, and development partners to discuss strategies for transforming West Africa into a refining and trading hub.
But Dangote’s hard truths set the tone for what may become the most urgent takeaway: Africa’s refining future depends not just on finance or technology but on the courage to confront fuel profiteers head-on.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
