Nigeria’s petrol imports have reached their lowest level in eight years, as the country’s new mega-refinery reduces reliance on foreign suppliers and strengthens fuel independence.
- Nigeria’s petrol imports reach lowest level in 8 years due to new mega-refinery reducing reliance on foreign suppliers.
- Imports averaged around 110,000 barrels per day, predominantly from Europe.
- Refinery disrupts European oil market, potentially ending long-standing gasoline trade from Europe to Africa.
Nigeria’s petrol imports have reached their lowest level in eight years, as the country’s new mega-refinery reduces reliance on foreign suppliers and strengthens fuel independence.
According to data compiled by Bloomberg from analytics firm Vortexa Ltd., shipments to Nigeria averaged around 110,000 barrels per day between January 1 and 24.
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If this pace continues throughout the month, imports, predominantly from Europe, will hit their lowest point since 2017.
“A large part of the slowdown in Nigeria’s gasoline imports is due to the ramp-up of the Dangote refinery,” Vortexa analyst Samantha Hartke said. “Northwest Europe will have to find alternative homes for its gasoline supplies.”
The refinery has been dubbed a game-changer for Nigeria, which has long depended on gasoline imports. The refinery has been hailed as a key step in reducing the country’s reliance on foreign supplies.
The $20.5 billion Dangote refinery, owned by Africa’s richest man, has a processing capacity of 650,000 barrels per day, making it the largest refinery in Africa.
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It also surpasses Europe’s 10 largest refining facilities, including the Pernis Refinery, which has an installed capacity of 404,000 barrels per day (bpd).
According to the Organisation of the Petroleum Exporting Countries (OPEC), Dangote’s oil push in Nigeria is starting to disrupt the European oil market.
Economists suggest that the Dangote refinery could potentially end the long-standing gasoline trade from Europe to Africa, which is valued at $17 billion annually.
Meanwhile, stockpiles of gasoline stored in Amsterdam-Rotterdam-Antwerp — a major hub for exports to Nigeria — have reached a record high, according to data from Insights Global.
