Yvon Sana Bangui, Governor of the Bank of Central African States (BEAC), has urged CEMAC countries to refine their own crude oil, saying that the six CEMAC nations collectively spend approximately 2 trillion CFA francs annually on imported petroleum products.
The products, according to him, include gasoline, diesel, kerosene, and domestic gas, noting that the spending continues despite five of the six countries, excluding the Central African Republic, being crude oil producers.
Bangui argued that building crude oil refineries within CEMAC could significantly reduce or even eliminate these imports. This shift, he emphasized, would help preserve the region’s foreign exchange reserves, which are currently strained by the heavy reliance on fuel imports.
“We have the raw material, and its price trend is downward. Let’s commit to an import-substitution strategy and refine our oil,” he said.
“The cost of road infrastructure awaited by economic operators is very high in our region. To avoid this, we must locally produce bitumen. We must locally produce lubricants. All of this comes from oil. Even fertilizer can be produced from oil,” the BEAC Governor added.
