Africa faces 86 million tonne fuel shortfall by 2040, AFC report warns
via Punch Nigeria2 min read
Africa is projected to experience an 86 million tonne fuel shortfall by 2040, according to the Africa Finance Corporation AFC. The continent currently imports over 70 percent of its refined fuel and approximately $230 billion worth of essential goods annually. The AFC report, released in Nairobi, indicates that Africa's dependence on fuel imports will increase from 74 million tonnes in 2023 to 86 million tonnes in 2040. Rita Babihuga-Nsanze, the AFC's chief economist, highlighted that these imports, particularly for East Africa, are vulnerable to chokepoints like the Strait of Hormuz, which has been impacted by the Iran war. The conflict has also exposed vulnerabilities in fertilizer supply, as a significant portion comes from the Gulf. Babihuga-Nsanze noted that Africa possesses 80 percent of the world's phosphate reserves but produces only 20 percent of the global stock, presenting an opportunity for the continent. The report suggests that addressing Africa's energy deficit requires new hubs and improved performance from existing assets, citing examples of underutilized hydropower in Angola and drought-affected dams in Zambia.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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