Africa’s richest businessman, Aliko Dangote, has issued a stark warning: no new large-scale refineries will be built on the continent unless governments dismantle systemic corruption and the dominance of foreign fuel importers.
Speaking at the Global Commodity Insights Conference on West Africa’s Refined Fuel Market in Abuja, the Dangote Group president singled out the Lomé Floating Storage Terminal —a massive offshore fuel depot near Togo—as a major obstacle to Africa’s refining ambitions.
The terminal, controlled by international traders, stores over 2 million tonnes of petroleum products at any time, serving as West and Central Africa’s primary fuel source—not due to efficiency, but because of the continent’s lack of local refining capacity.
Dangote accused the facility of operating as a “strategic dumping ground” for imported fuel, sold at inflated prices. He revealed that when his $20 billion Lekki refinery began operations, traders slashed prices to undercut competition.
“When you disrupt this system, you face aggressive resistance from those profiting from Africa’s dependence on imports,” Dangote said.
“The Lomé terminal exists to ensure no refinery thrives in sub-Saharan Africa. Without political will, none of us will live to see another major refinery built here.”*
He called for regional cooperation and policy reforms to break the monopoly, warning that corruption and sabotage by oil traders continue to stifle progress.
“If governments don’t act, Africa will remain hostage to foreign supply chains,” he declared, urging leaders to prioritize domestic refining or risk perpetual energy insecurity.
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