Aliko Dangote's wealth threatened by US, UK and China clash

The fortune of Aliko Dangote from the oil business might experience a nosedive eight years from now, as the G7 nation has announced its intention to stop fuel consumption.

The group consisting of the United States, UK, France, Japan and other European Union members set 2030 as the deadline to transition from the fuel into renewable or green energy.

The Nigerian billionaire had the plan to sell diesel and fuel to some members of the G7 nation and African countries, but that revenue sources might end up being blocked.

The refinery being built by Africa's richest man, Aliko Dangote, which is expected to begin operation in 2022, is projected to experience revenue decline eight years after if the G7 nations meet their green target.

The G7, comprising of the United States, France, United Kingdom, Germany, Italy, Japan, and the European Union, have agreed to end their dependence and support of fuel and diesel by 2030.

Niger, Togo, other African countries receive unused electricity from Nigeria.

Dangote refinery's western market under threat

This means most of these nations, especially EU countries - which are prospective markets for the Dangote Refinery when it commences operation next year - have only eight years to conduct fossil fuel business with the billionaire.

Devakumar Edwin, Dangote Group's Executive Director, Strategy, Capital Projects and Portfolio Development, had stated in November 2019 that:

“It is one of our targets to take diesel to Europe. Our equipment is already being designed to do this. We can take surplus petrol to South America, apart from West African countries and Central African countries. That is why decided to go for Euro V.

“The refinery can handle all the Nigerian crude grades and all the African crude grades, as well as some of the Middle East grades and the US light oil.”

While the refinery is now scheduled for 2022, the timeframe is still shaky, considering the refiner is two years behind its original projections, meaning the business period could be shorter than expected.

Dangote refinery's African revenue source under threat

Aside from the G7 nations, some African countries could also distance themselves from the Dangote refinery, as the western countries intend to phase out petrol and diesel cars, as well as stop its overseas government financial support.