(3 Minutes Read)
Despite launching Africa’s largest refinery outside Lagos last year, a USD 20 billion facility with an initial capacity of 650,000 barrels per day, Dangote says securing local crude remains a challenge. He now plans to expand the plant to 700,000 barrels per day.
Nigerian billionaire Aliko Dangote has warned that heavily discounted Russian petroleum products are flooding African markets, threatening the continent’s emerging refining sector.
Speaking at an oil conference in Abuja, Dangote said sanctions on Russian oil have forced Moscow to offload fuel at steep discounts in Africa, often delivering substandard or toxic products that would be banned in the West.
Despite launching Africa’s largest refinery outside Lagos last year, a USD 20 billion facility with an initial capacity of 650,000 barrels per day, Dangote says securing local crude remains a challenge. He now plans to expand the plant to 700,000 barrels per day.
He also criticized the Lomé floating oil market off the coast of Togo, where international traders store over two million barrels. He called it a major threat to domestic refineries.
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Although Africa produces seven million barrels of crude daily, only 40 percent of its consumption is refined locally. Dangote’s facility has exported one million tonnes of petrol since June but faces growing competition from traders exploiting weak regulations.He urged African nations to introduce fuel standards, tariffs, and environmental safeguards similar to those in Europe and North America.
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