Dangote Refinery ends Nigeria’s era of fuel import dependence, boosts GDP, FX earnings — EIU

The operational ramp up of the 650,000 barrels per time Dangote Petroleum Refinery & Petrochemicals is fundamentally reshaping Nigeria’s downstream lipid sector, importantly reducing the country’s dependence connected imported refined petroleum products and strengthening its outer position, according to the Economist Intelligence Unit (EIU).

In its latest appraisal connected Nigeria’s substance marketplace and regulatory environment, the EIU said the refinery has already transformed a assemblage that was antecedently characterised by dense reliance connected imported substance contempt Nigeria being Africa’s largest crude lipid producer. The study noted that the refinery met astir 80 per cent of home petrol request successful April and produced capable volumes to fulfill section depletion requirements arsenic operations approached afloat capacity.

The EIU described Nigeria’s downstream petroleum assemblage earlier the refinery arsenic “long dysfunctional”, noting that the state had remained astir wholly babelike connected costly imported substance portion producing astir 1.5 cardinal barrels of crude lipid daily.

According to the report, the emergence of the refinery has reduced import dependence, improved home substance availability and strengthened Nigeria’s equilibrium of payments presumption done little import request and rising exports of refined petroleum products.

“The gradual ramp up of the 650,000 barrel/day Dangote r...