The Organisation of the Petroleum Exporting Countries (OPEC) has highlighted the impact of the Dangote Petroleum Refinery on global fuel markets, noting that its production has significantly reduced Nigeria’s reliance on imported refined petroleum products from Europe.
In its Monthly Oil Market Report published on January 15, 2025, OPEC stated that the Lagos-based refinery’s gasoline production and exports to international markets are reshaping global gasoline supply patterns.
“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline exports to the international market will likely weigh further on the European gasoline market. Continued gasoline production in Nigeria… will most likely free up gasoline volumes in international markets, calling for new destinations and flow adjustments for the extra volumes,” the report stated.
Nigeria, despite being Africa’s largest oil producer, has faced decades-long energy challenges, with its state-owned refineries largely non-functional. This has forced the country to rely heavily on imported refined products, a trend worsened by fuel price hikes following the removal of subsidies in May 2023. Prices have soared from ₦200/litre to around ₦1000/litre, exacerbating economic pressures on citizens already grappling with inadequate power supply.
The $20 billion Dangote Refinery, owned by Africa’s richest man, Aliko Dangote, began operations in December 2023 with an initial capacity of 350,000 barrels per day (bpd). It aims to achieve full capacity of 650,000 bpd by the end of 2025. The refinery is already supplying diesel, petrol, and aviation fuel to marketers across Nigeria.
This development marks a significant milestone for Nigeria’s energy sector, potentially easing fuel shortages and reshaping the country’s fuel import dependency.
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