Finance

‘Dangote refinery to cut Africa’s petrol imports by 36%’

African Petroleum Producers Organisation (APPO) has said the establishment of Dangote Oil Refinery will bring about a 36 per cent reduction in the importation of petroleum productions into the continent.

Besides, the organisation expressed a belief that the success of Dangote Refinery project could incentivise the rise of similar projects across Africa despite the current focus on energy transition.

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The Secretary-General, African Petroleum Producers Organisation, Dr. Omar Farouk Ibrahim, said in an interview that Dangote Refinery shall be supplying over 12 per cent of Africa’s products demand when it becomes operational.

Ibrahim said: “To appreciate the impact that the Dangote refinery is going to have on African economies and especially on the supply of petroleum products, and to some extent the conservation of scarce foreign exchange, a look at countries will not be able to move as fast as is projected. We see Africa and many regions of the world continuing to rely on fossil fuel energy at a time when deliberate decisions are being made to stop funding fossil fuel projects. The world risks abandoning fossil for renewable, but in the end not getting the renewables, and at the same time losing the fossils due to deliberate neglect”, he explained.

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