Oil tycoon Dangote: Africa will be mostly self-sufficient in fuel by 2030

Filed 2h ago · Via Courthouse News · The Buffoon Desk

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Evil March

Kevin MacLeod · incompetech.com · CC BY 4.0

Photo: Qasinka · CC0 · via Wikimedia Commons

Nigerian billionaire Aliko Dangote told AFP that Africa will be largely self-sufficient in refined fuel by 2030, as he prepares to break ground Wednesday on a $16 billion refinery in Lamu, Kenya, designed to process 700,000 barrels a day over roughly 30 months of construction. Dangote dismissed a pending land rights court case and opposition from Greenpeace over the project's environmental impact, saying 'there are people who don't want the development of Africa.'

The refinery's crude will come from the Middle East and the United States, at least until East African producers like Kenya, Tanzania, and Mozambique ramp up their own output. Dangote framed the project as part of a broader push to stop exporting raw materials cheaply and buying back finished products at full price, calling that pattern 'importing poverty.'

The full dispatch is available from the source below.

✒ FROM THE EDITORIAL DESK

Building a refinery to end fuel imports, then filling it with imported crude, is one of those plans that sounds better in a press conference than on a balance sheet. Nobody doubts Africa should keep more of the value of what it digs up and pumps out. But 'self-sufficient by 2030' is an easy thing to say standing next to a groundbreaking shovel, three years before anyone has to answer for whether it came true.

Source: Read the original at Courthouse News → Scored: Evil March · Kevin MacLeod · CC BY 4.0

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