Africa risks serious economic consequences if it continues to rely heavily on imported fuel, according to billionaire Aliko Dangote.

Speaking in Lagos, Dangote highlighted the effects of rising global oil prices and supply disruptions on African economies.

He stressed that the continent must reduce dependence on foreign fuel by investing in local refining and boosting industrial production.

Dangote warned that Africa has the resources to meet its own energy needs but must act decisively to avoid long-term economic strain.

He called for policies that support self-sufficiency, local manufacturing, and sustainable energy solutions across African countries.

Failure to act, Dangote cautioned, could result in Africa “paying the price” economically in the near future.