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Speaking at the opening of the 30th Anniversary of the Afreximbank Annual Meetings in Accra, Ghana, the Nigerian businessman, Aliko Dangote, pointed out that even though there are oil-producing countries on the continent, only two countries, Algeria and Libya, which do not import oil
Speaking at the opening of the 30th Anniversary of the Afreximbank Annual Meetings in Accra, Ghana, the Nigerian businessman, Aliko Dangote, pointed out that even though there are oil-producing countries on the continent, only two countries, Algeria and Libya, which do not import oil.
Dangote was speaking about the importance of free movement and intra-Africa trade. He said that the continent was importing poverty and exporting jobs, meaning that African countries continue to export raw materials.He also expressed concern about the difficulty of travelling around the continent. He said he has an African passport and should be able to travel around, but there are two countries that for some reason do not recognise the African passport.
According to Dangote, Nigeria produces about six million tons of urea, and therefore, Africa should not be seeking to import fertilizer from outside the continent. Dangote shared his experience on how his company started producing cement for local consumption and export, as well as opening factories in other countries and urged the establishment of local domestic banks that would invest in businesses on the continent.
There are 54 countries in Africa, more than 20 produce oil, and five of these countries are part of the world’s 30 oil-producing countries. However, only two countries in Africa do not import oil. In 2019 Africa accounted for more than 7.9 million barrels per day, which is about 9.6 per cent of global output. Between 2005 and 2010, however, oil production in Africa rose to nearly 10 million barrels per day.
In his welcome address, the Governor of the Bank of Ghana, Dr Ernest Addison gave tribute to Afreximbank. He said since its establishment three decades ago, Afreximbank has transitioned into a first-class supranational financial institution, championing African trade and driving growth across multiple sectors in Africa.
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He indicated that Afreximbank has also introduced platforms designed to improve and facilitate trade in Africa, including the MANSA repository platform, the Pan African Payments and Settlements Systems (PAPSS), and the Intra-African Trade Fair (IATF).
