Tinubu explains why Africa is not benefiting from $120 billion in hydrocarbon resources.

Yesterday, President Bola Tinubu stated that the continent and its people must benefit from Africa’s $120 billion in hydrocarbon resources. Speaking at the 19th OTL Africa Energy Week in Lagos, he said that Africa’s lack of refinery capacity and distribution infrastructure has resulted in a greater share of oil and gas spending going to non-African nations.By addressing refinery capacity and distribution network issues, he promoted a shift from the status quo. According to Daily Trust, even though the country has four refineries, it still imports refined petroleum products. However, after the Dangote Refinery opened, imports significantly decreased. Tinubu, accompanied by Heineken Lokpobiri, the minister of state for petroleum resources (oil), stated that Nigeria would continue to work toward keeping a larger share of its oil exports, “which is why we encourage investments that will make Nigeria a refinery hub.”