• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

Dangote says beneficiaries of fuel importation discouraging governments from building refineries in Africa

1 year ago
in Economy, Energy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
47
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Dangote says beneficiaries of fuel importation discouraging governments from building refineries in Africa

Africa’s richest man and owner of the $20 billion Dangote Refinery,  Aliko Dangote, has stated that individuals who benefit from fuel importation are deterring African governments from constructing refineries in the continent.

Dangote made this statement during a conversation with CNN’s reporter, Eleni Giokos, at his refinery in Lagos, Nigeria.

According to him, no new refineries have been constructed in Africa in the last 35 years, despite the continent being one of the leading regions for oil production.

Dangote also mentioned that other reasons for this underdevelopment include the lack of loan facilities for investors, attributed to weak financial institutions in Africa, among others.

“There are other countries in Africa who have been trying to build refineries but have been unable to. There has not been a new refinery in Africa in the last 35 years.

“There are so many issues regarding this such as money, political will, and also people who are benefitting from this whole system of importing petroleum products into Africa are actually discouraging their governments from building a refinery.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

“Also, they won’t get loans anyway because they don’t have very strong banks. The international banks will not support anything like this,” Dangote said.

Africans need to develop Africa

Speaking further in the interview, the business mogul explained why African entrepreneurs and leaders need to develop work together to develop the continent.

Dangote said that it is futile for the continent to continue to wait for foreign investors to build the region.

According to him, waiting for foreign investors to develop the continent is something that might never happen.

“We Africans have to make sure that we focus and realize that we are the only ones that can deliver. We Africans are the only people that can develop Africa. If we are waiting for foreign investors to come and develop Africa, it will never happen,” Dangote added.

What you should know

While Africa possesses one of the largest oil and gas reserves in the world, it still struggles to meet its energy needs.

By average, most of the energy consumed in this region is imported from Europe and America, making the continent heavily import-dependent.

According to a report, about 75% of oil produced in Africa is exported to other continents for energy consumption.

The report also indicated that 1.49 billion population of Africa lacks access to clean energy for cooking and other domestic uses,  and about 600 million of the population do not have access to electricity.

While Nigeria is a leading oil producer, for instance, it still imports almost all its petroleum products from elsewhere, a bridge Dangote refinery is trying to close.
Source: nairametrics
Via: norvanreports
Tags: DangoteDangote says beneficiaries of fuel importation discouraging governments from building refineries in Africafuel importationrefineries in Africa
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.