S&P Upgrade highlights Dangote Refinery’s growing impact on Nigeria’s Economy

The Dangote Petroleum Refinery & Petrochemicals is emerging arsenic a large operator of Nigeria’s improving economical outlook, pursuing the country’s sovereign recognition standing upgrade by S&P Global Ratings.

In its latest assessment, S&P upgraded Nigeria’s agelong word overseas and section currency sovereign recognition ratings to “B” from “B-”, citing stronger economical growth, improved outer balances, rising lipid production, and expanded home refining capableness arsenic cardinal factors supporting the country’s recovery.

The planetary ratings bureau specifically identified the operational ramp up of the 650,000 barrels per time Dangote Petroleum Refinery & Petrochemicals arsenic a large contributor to Nigeria’s improving equilibrium of payments presumption and broader economical resilience.

According to S&P, the refinery’s afloat capableness operations are helping to fortify Nigeria’s existent relationship surplus, trim dependence connected imported refined petroleum products, and amended overseas speech liquidity.

“Significant refining capableness is present besides online; Dangote Industries Ltd.’s ample standard refinery and petrochemical analyzable has ramped up to adjacent its maximum capableness of 650,000 barrels per day,” the study stated.

S&P projected that Nigeria’s existent relationship surplus would amended to 5.8 per cent of GDP successful 2026 from 4.8 per cent successful 2025, supported partially by incre...