Why the World Bank and IMF Are Blocking Dangote’s 1.2M BPD East Africa Refinery Plan

The World Bank and IMF have reportedly opposed Aliko Dangote’s proposal to build a 1.2 million barrels-per-day refinery in East Africa. They argue it would create a monopoly in the region. Critics point out that French refineries already operate in many African oil-producing countries. Most local refineries top out at 400,000 bpd due to loan constraints, limiting their profitability. Nigeria has long exported crude to Europe for refining, then re-imported the products under companies like Shell and Total. Dangote’s privately funded refinery in Nigeria disrupted that cycle and now supplies fuel to EU markets following disruptions in the Hormuz Strait.

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