The Richest Blackman On A Mission To Seal Africa’s Revenue Loopholes - YCEO Africa

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The Richest Blackman On A Mission To Seal Africa’s Revenue Loopholes

It is irrefutably true that the world depends on Africa’s resource reserves for almost
everything. Unfortunately, this much dependency on the continent does not translate into
development or boost the revenue base of Africa. This is partly because we trade our resources
at raw value instead of transforming the continent into a hub for refined products to maximize
revenue and promote development.

In an attempt to solve part of the problem, Africa’s richest man, Aliko Dangote decided to build
 a multi-million oil refinery in Nigeria. If completed, the 650,000bpd facility will produce
enough refined oil to meet domestic demands and provide a surplus for export. This bold venture
by Dangote is long overdue because the continent houses nations that are lead producers in oil
across the world but Africa loses a lot of revenue in the oil sector due to the non-existence
or inefficiency of locally-owned oil refineries which results in the dependency on mass
exportation of crude oil at relatively cheap prices.

This simply implies that a larger percentage of the continent’s oil revenue remains with
foreign refineries who mostly signs parasitic trade agreements with our ever desperate
leadership. This consistent loss of revenue is not only limited to the oil sector.
It spreads across all other resources of the continent.

Jean-Noel Francois, the acting Director, department of trade and industry at the African
Union Commission said at the second conference of African ministers responsible for mineral
resources and development on December 12th, 2011 in Ethiopia that, even though Africa’s
mineral resources are fueling growth and development in many industrialized and emerging
economies of the world, Africa still remains poor, under-developed and dependent on donor
assistance for national budget support. Statistics equally have it that, Africa produces
75% of all the cocoa in the world but the continent gets only 2% of the hundred billion
dollars revenue from the chocolate industry.

We need to create a favorable working environment and support our own people like Aliko Dangote
and other interested sons and daughters of the land to invest in the continent by focusing on
areas that will help add value to our raw materials to prevent the mass revenue losses we have
suffered for so many years.

(By: Richard Kwame Krah )

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