Africa Losing $90bn Annually to Imported Substandard Fuel
AFRICA, JUL 23 – Africa imports over 120 million tonnes of refined petroleum annually, losing $90 billion due to limited refining capacity and fragmented fuel standards, Dangote said at a West African conference.
- At Tuesday’s conference in Abuja, Aliko Dangote highlighted a $90 billion annual loss to importing substandard fuel.
- Despite high crude output, Aliko Dangote said Africa refines only 40% domestically, forcing over 120 million tonnes of annual imports.
- Farouk Ahmed reported that West Africa trades 2.05 million MT of gasoline monthly, 69% imported, against 1.335 million bpd refining capacity.
- Aliko Dangote warned that exporting crude and importing fuels drains jobs, investment and industrial growth, while exposing markets to toxic products.
- According to the OPEC World Oil Outlook, Farouk Ahmed projected a 1.2 million bpd refining capacity gain by 2030, and Aliko Dangote urged governments to adopt protective measures like those in the US, EU and Canada.
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Leaning Left2Leaning Right1Center2Last UpdatedBias Distribution40% Left, 40% Center
Bias Distribution
- 40% of the sources lean Left, 40% of the sources are Center
40% Center
L 40%
C 40%
R 20%
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