Nigeria's richest man leaves Europe without exporting gasoline to Africa

A large refinery in Nigeria, launched this year, is reducing gasoline exports from the European Union to Africa. The owner of the plant and the richest man on the continent believes that Africa has become a dumping ground for low-quality petroleum products.

This year, a large refinery with a capacity of 20 million tons per year was launched in Nigeria.

"Economists suggest that the refinery could even put an end to years of gasoline trade from Europe to Africa, whose market is estimated at $ 17 billion a year," writes Business Insider Africa.

The publication cites the call of the president of Dangote Industries Limited, Aliko Dangote, who is the richest man in Africa, to invest in their countries.

After the launch, the Dangote refinery worth $ 20 billion has significantly changed the Nigerian oil market, Business Insider Africa notes.

"Dangote recently announced plans to continue the construction of a large seaport next to its fertilizer plants and an oil refinery. The project is expected to facilitate exports and contribute to the further growth of his vast industrial empire," the publication continues.

At the same time, Aliko Dangote admitted that the refinery project was not simple.

"People think that building an oil refinery is like building a house. But, as I always say, if I had known the scale of the problems we would face, I would not have started at all. We were lucky as a group because we didn't fully understand what we were getting into, but we believed that nothing was impossible," said the Nigerian billionaire.