Africa’s richest man, Aliko Dangote, has warned that the continent risks severe economic consequences if it fails to reduce its dependence on imported fuel amid global supply uncertainties.

Dangote gave the warning during a media engagement in Lagos while addressing developments around the Dangote Refinery and the impact of rising global oil prices.

He said that ongoing tensions in the global oil market and supply disruptions could significantly affect African countries that rely heavily on fuel imports, stressing that the situation could worsen if proactive measures are not taken.

Slovenia becomes first EU country to introduce fuel rationing

According to him, “Africa must urgently invest in local refining capacity, strengthen industrial production, and create policies that support self sufficiency to avoid economic strain”.

Dangote added that with its vast natural resources, the continent has the potential to meet its own needs but warned that failure to act decisively now means “Africa will pay the price” in the long run.

Auto dealers respond to 15% price cut announcement