Africa's richest man Aliko Dangote has agreed to step in and bolster Cameroon's supply of refined petroleum products, Cameroon's refinery company Sonara has announced.
Sonara, whose local plant was wrecked in a 2019 fire that forced Cameroon to become a net importer, said the deal would help the country keep prices down and avoid the risk of fuel shortages caused by geopolitical instability.
"This agreement is of fundamental importance in the current context of tensions in the Middle East," Sonara Director-General Harouna Bako said in a statement seen on Friday.
Dangote Group owns Africa's biggest oil refinery in Nigeria, Aliko Dangote's home country, and has interests throughout the continent.
Africa currently imports more than 70% of its refined fuel, according to an Africa Finance Corporation (AFC) report in April.
