Africa Will Be Mostly Self-sufficient In Fuel By 2030 – Dangote

Nigerian oil tycoon Aliko Dangote told AFP on Tuesday that Africa would largely supply its own refined fuel needs by 2030 as he prepared to launch a $16 billion refinery on the Kenyan coast.

Dangote will break ground on the east African oil refinery, with a planned capacity of 700,000 barrels per day, on Wednesday. It is expected to take around 30 months to build.

In an interview in Nairobi, Africa’s richest man said he saw it as part of efforts to stop the continent exporting raw materials and start selling finished products.

“By 2030, the majority of African countries will be self-sufficient. It does not matter where it is refined, but it should be in the African continent, on the soil of Africa,” he said in response to a question from AFP on when Africa would no longer need to import finished petroleum from other regions.

“The biggest problem is that we export raw materials at maybe 5 to 10 percent of its value, and then we end up buying at 100 percent of its value,” he added.

“We are exporting jobs, because when we keep exporting raw materials, you are creating jobs out there. And when you buy finished products from them… you are importing poverty, because you are not actually creating any jobs here.”