Only two countries in Africa do not import oil – Dangote
There are 54 countries in Africa. More than 20 produce oil, and five of these countries are part of the world’s 30 oil-producing countries. However, only two countries in Africa do not import oil.
In 2019 Africa accounted for more than 7.9 million barrels per day, which is about 9.6 per cent of global output. Between 2005 and 2010, however, oil production in Africa rose to nearly 10 million barrels per day.
Speaking today Sunday June 18, 2023 at the opening of the 30th Anniversary of the Afreximbank Annual Meetings in Accra, Ghana, the businessman, Aliko Dangote, pointed out that even though there are oil producing countries on the continent, only two countries, Algeria and Libya, do not import oil.
Dangote who was speaking about the importance of free movement and intra-Africa trade, said: “We are importing poverty and exporting jobs.” He said that in relation to the fact that African countries continue to export raw materials.
He also expressed concern about the difficulty in travelling around the continent. He said he has the African passport, and should be able to travel around, but there are two countries that for some reasons do not recognise the African passport.
According to Dangote, Nigeria produces about six million tons of urea and therefore, Africa should not be seeking to import fertilizer from outside the continent.
Dangote shared his experience on how his company started producing cement for local consumption and export, as well as opening factories in other countries, and urged the establishment of local domestic banks that would invest in businesses on the continent.
In his welcome address, the Governor of the Bank of Ghana, Dr Ernest Addison gave tribute to Afreximbank.
He said since its establishment three decades ago, Afreximbank has transitioned into a first-class supranational financial institution, championing African trade and driving growth across multiple sectors in Africa.
“Evidence of the bank’s interventions are numerous and includes infrastructural investments to support intra-African trade, investments in agriculture and industry, trade facilitation, trade guarantee and advisory services, and country specific programmes to support those in dire economic situations, among others,” he said.
He indicated that Afreximbank has also introduced platforms designed to improve and facilitate trade in Africa, including the MANSA repository platform, the Pan African Payments and Settlements Systems (PAPSS), and the Intra-African Trade Fair (IATF).
Dr Addison stated further that the establishment of Afreximbank’s Trade Impact Mitigation Facility platform, where the Bank intervened during the COVID-19 pandemic, and disbursed over $8 billion to central banks and commercial banks to avert looming trade debt payment defaults. Part of this funding also went into the procurement of test kits, PPEs and other COVID-19 containment materials in Member States.
“The Bank also disbursed over $5 billion to Member States and businesses towards the procurement of food, fertilizer and grains as the Russian-Ukraine crisis unfolded. Working with UNECA, the AU, and the AfCFTA Secretariat, Afreximbank created a pooled procurement platform termed as the Africa Trade Exchange (ATEX) to help African countries procure grains, edible oils and fertilizers at reduced costs.
“Prior to the implementation of AfCFTA in 2021, Afreximbank disbursed over $20 billion in support of intra-African trade and investments and projected to double this to $40 billion by end-December 2026,” he said.
The Afreximbank 30th Anniversary Annual Meetings is under the theme: Delivering the Vision, Building Prosperity for Africans.
By Emmanuel K Dogbevi
Copyright ©2023 by NewsBridge Africa
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Pls is Nigeria a member state of this bank? If so, can someone tell us what we benefited during the Covid 19 and other benefits I heard of. Thank you
We can only go forward as Africans if we accept ourself .ACUP is continuing the mission
Well, 20 African countries produce oil and still import same oil they produce, it proves we Africans don’t have common sense as the Europeans said about us.
We as Africans needs one passport and one currency to sort out problems.
As said in the report, we 20 countries producing oil yet we import the same commodity, why? Are we really using our common sense well
Oil is mined by non African in all this countries, thus they have the liberty to do what they want with it. We are just in modern colonization as before. They are here to take our resources.
Is only grammar that you people knows how to speak,how someone produces oil and still import it,is this not crazy? I’m always ashamed this continent, poverty is really dealing with its citizen, some regrets hailing fro this part of the world
The problem of Africa is its leadership which stifles investment and invention from their citizens. The current crop of leaders would rather give business permits to Western and Asian people than to Africans. Look at how permits for mineral resources are being dished to the Chinese at the expense of citizens. There’s not much that is required to extract some of these minerals yet as an African you cannot get the permits. Our leaders failed to upgrade our education system because they have their children studying in Western countries. They neglect our local industries because they buy clothes and appliances from abroad. They neglect the local health services because they all go outside for treatment
It’s not too late to make the wrong right again, stop wasting our capacity and resources in africa
I don’t blem our leaders and I don’t blem our oppressors (colonizer). I blem the current generation for finding out the truth and turning towards your own people and telling them that they don’t have common sense.
The best thing we can do for ourselves is to impact this change that we desire. If we don’t do it for ourselves, no-one is going to do it for us.
That’s the vision of our founding fathers of our continent had
It’s high time the United States of Africa came to realization.
First I want to agree with Mr. Dangote, Africans are facing persecutions in their fellow African countries free movement across Africa is crucial,
Africa is big importer of almost everything from outside the continent. So keep on doing great job and continue reminding hypocrite African leaders to unite and establish the the African central bank.
U can see the sense Mr Dangote made as compared to the trash others made
Western people still colonizers our leaders, in this century we need to do revolution
The fact is development comes in a slow paste, I believe despite the western doing everything possible to stop our efforts we will still get there.
A day will come when the Nigeria we dream of will come to reality, we are currently in the development age, stay calm and pray for Nigeria, it will get better
Since most countries in Africa, even the self acclaimed “giant of Africa” is full of underdeveloped minds and self centered individuals even surprisingly at the levels of public offices, I wonder how ready Africa and indeed the Africans are for meaningful and sustainable world class industrialization. INFACT, I had always fostered the opinion that Africans must begin to appreciate the human development, and not merely physical infrastructures – houses, roads and electronic gadgets – as true evidence of real development. There is need to eschew tribalism, naked envy, nepotism and devilish religious fanatism and bigotry.All these are my own evidence of African backwardness with respect to human development in the 21st Century. INFACT, Africans are too far from development until our people begin to live selfless, patriotic and trustworthy on daily basis without being under any monitoring. It takes a living conscience in a person to appreciate the Almighty God and his heavenly authority as the true judge of life after here. All humans shall suffer the outcome of actions here and hereafter. I hereby alert my African brethren irrespective tribe, State or language,to unite for a true emancipation through clean godly love for greater good and posterity. God bless all men of goodwill.
This is really painful. Thanks Dangote for his information. It’s alarming.
We African have common sense, but ur leaders don’t have or being brain washed by western cabals.
We have the resources, but cannot control it for the betterment of our lives and continent at large. African leaders are simply product of Ideological emperialism.