Africa faces economic risks from fuel import dependence, Dangote cautions

AFRICA’S richest man, Aliko Dangote, has raised concerns that the continent could face serious economic setbacks if it continues to rely heavily on imported fuel, especially amid ongoing global supply uncertainties.

He made this known during a media briefing in Lagos, where he spoke on recent developments surrounding the Dangote Refinery and the broader implications of rising global oil prices.

Dangote noted that persistent volatility in the international oil market, alongside supply chain disruptions, poses a major threat to African economies that depend largely on fuel imports. He warned that without urgent intervention, the situation could deteriorate further.

He emphasised the need for African countries to prioritise investment in domestic refining capacity, boost industrial output, and implement policies that encourage self-sufficiency.

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While highlighting the continent’s abundant natural resources, Dangote stressed that Africa has the capability to meet its own energy needs. However, he cautioned that failure to take decisive action now would come at a significant cost in the future.

Dangote said though Nigeria has no direct role in the crisis, it will still feel the impact because of deep global economic interdependence, warning that prolonged tensions may trigger inflationary pressures and widespread hardship across African economies.

“We are part of a global village, and unfortunately, developments like this will affect us even if we are not directly involved,” he said, stressing that governments could face mounting fiscal strain as subsidies rise and revenues fluctuate under unstable global oil market conditions.

“If the situation does not de-escalate, we will end up paying a heavy price, especially given existing economic challenges,” Dangote said.

He added that Africa’s rising debt burden could worsen under prolonged instability, further limiting fiscal space and weakening economic resilience.

“Africa is already grappling with debt, and additional shocks will only compound hardship for governments and the people,” he said.