The United States of America, Spain, France, South Korea, Angola, Togo, Guinea, Belgium, Israel, and Singapore, have been listed as the top 10 importers of petroleum products from Nigeria’s $20 billion Dangote Refinery.
This is even as students across tertiary institutions in the country under the aegis of the National Association of Nigerian Students, NANS, have passed a vote of confidence on the Dangote Refinery.
However, the products that have been shipped to the countries at different times include fuel oil, gasoline, jet fuel and Naphtha, thus attracting additional foreign exchange to the nation.
In its presentation – Nigeria’s Dangote Refinery – What it Means for Trade Flows and Price Benchmarks, at a recent virtual event, obtained by Vanguard, Argus Group, United Kingdom, disclosed that the refinery has changed the direction of petroleum products trade flows between West Africa and other regions while creating many multiplier effects, including jobs.
Nigeria’s fuel importation to drop 60% to 160,000 bpd
It noted that as a result of the coming onstream of the refinery, Nigeria’s petrol importation has been projected to drop by 60 per cent to the equivalent of 160,000 barrels per day, b/d by 2025, from 400,000 b/d in 2023.
The forecast has it that Nigeria would need to import only 75,000 b/d in 2025 compared to 350,000 b/d in 2023, adding that from 2026, it will start to import more following the expected population growth and rising domestic demand.
Nigeria to export diesel, jet-kerosine from 2025
According to Argus Group, the nation is also expected to start exporting diesel and aviation fuel from 2025, thus enhancing the inflow of additional foreign exchange into Nigeria.
Peoplesmind
