Chika Mbonu says Dangote Refinery ends Africa’s fuel import dependence and strengthens regional energy independence.
A business analyst, Chika Mbonu, has described the Dangote Refinery as a transformative project capable of reshaping Africa’s energy landscape, stating that the facility effectively positions itself as “the refinery for Africa” by reducing the continent’s dependence on imported refined petroleum products.
Speaking in an interview on Tuesday, Mbonu highlighted the long-standing paradox in Africa’s oil sector, where crude oil is exported only to be refined abroad and re-imported at higher costs.
He explained that “Africa did something very ironic… we take our crude and sell to Europe and other countries in the Middle East… and we buy back from them,” a system that has historically exposed the continent to global supply chain disruptions and price volatility.
According to him, the emergence of the Dangote Refinery marks a turning point, as it enables local refining on a scale previously unavailable within the continent.
“With the coming on stream of Dangote Refinery, that has stopped,” he said, emphasizing the refinery’s capacity to process 650,000 barrels per day and significantly cut Africa’s reliance on foreign refineries.
Mbonu further noted that Africa spends approximately $30 billion annually on fuel imports, a burden he believes the refinery will help to reduce by strengthening domestic production capabilities.
He described the project as not just a Nigerian asset but a continental one, stating that “the Dangote Refinery is like the refinery for Africa,” given its scale and strategic importance.
The analyst also linked Dangote’s plan to list refinery shares across multiple African exchanges to a broader continental strategy, suggesting it reflects both economic and political considerations.
He explained that expanding ownership across Africa would encourage wider participation and reinforce the refinery’s identity as a pan-African project.
“It’s an African solution, an African project, and so let Africa celebrate the success,” Mbonu added, while acknowledging that regulatory and cross-border listing challenges may arise.
Despite these potential hurdles, he maintained that the refinery’s impact on logistics, supply chains, and fuel pricing across the continent could be profound.
Mbonu concluded that while structural and regulatory challenges remain, the Dangote Refinery represents a major step toward energy self-sufficiency in Africa, offering a long-term solution to the continent’s dependence on imported refined petroleum products.
