Dangote bests the “oil mafia” with refinery

NASSAU — Al Haji Aliko Dangote offered to help the Caribbean nations become energy self-sufficent during his remarks on the opening day of the African Export Import Bank annual meeting and AfriCaribbean Trade and Investment Forum.

The operator of the world’s largest single train refinery went through the process of building it since 2018 after five years of stalemate finding a site with CNN’s Eleni Giokas. But the result is transformational for not only Nigeria, but the entire African continent.

Dangote said the benefits also extend to the Caribbean, which depends on imported oil. “We’ll be able to meet their needs too. Once they set up a terminal, they can have cheap energy. We can free them from the shackles of other people on their neck. In 28 months, they can be self-sufficient.” He said he is staying in the Bahamas two additional days because of the opportunities he is seeing.

“This refinery would not exist without the African Export Import Bank and African bankers like Herbert Wigwe of Access Bank,” proclaimed Dangote. “The international banks would have shut us down.”

“For African industrialization, there isn’t any support from the West,” noting that he used his own balance sheet for Dangote Industries to take on the $19 billion project.

“The mafia in oil is stronger than the mafia in drugs,” he quipped. Only two of 54 African countries were self-reliant in energy before the refinery opened last year. Although Nigeria is one of the leading oil producers, it had to import refined fuel at a significant premium in foreign currency.

One of the problems that Giokas asked about is “African quality” fuel. Dangote said the international standard is 10 parts per million of sulfur, but Nigeria receives fuel with 3,000 parts per million.

“When you import, you import poverty and export jobs,” said Dangote. (see full program)