Africa’s richest man, Aliko Dangote, has explained why no new refineries have been built in other African countries over the past 35 years.

Dangote, who owns the $20 billion Dangote Refinery in Lagos, said that people who profit from importing fuel are responsible for the lack of new refineries in Africa over the last three and a half decades.

He shared this during an interview with CNN reporter Eleni Giokos at his refinery in Lagos, Nigeria.

Dangote also mentioned that other reasons for the lack of new refineries include the absence of loan options for investors, due to weak financial systems among other factors.

Dangote said,

“There are other countries in Africa who have been trying to build refineries but have been unable to. There has not been a new refinery in Africa in the last 35 years.

“There are so many issues regarding this such as money, political will, and also people who are benefitting from this whole system of importing petroleum products into Africa are discouraging their governments from building a refinery.

“Also, they won’t get loans anyway because they don’t have very strong banks. The international banks will not support anything like this,”

The development comes as the Secretary-General of the African Petroleum Producers Organisation (APPO), Omar Farouk Ibrahim said 75 percent of crude oil produced in Africa is exported to other countries.