Dangote Refinery Takes Over As Nigeria’s Fuel Imports Drop to Lowest in 8 Years
- Dangote Refinery has proven to be a game changer as Nigeria witnesses its lowest fuel import figures in 8 years
- Data released by Vortexa Ltd shows that European refineries are feeling the impact of Dangote Petroleum Refinery
- For years, the NNPC's limited and licensed oil markets have relied on imports to meet Nigeria's energy demands
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The importation of petrol into Nigeria has fallen to an eight-year low due to increased local production, thanks to the Dangote Refinery.
According to data compiled by Bloomberg from analytics firm Vortexa Ltd, petrol shipments into Nigeria stood at approximately 110,000 barrels per day between January 1 and 24, 2025.
Source: Getty Images
If this continues for the rest of the month, Nigeria's imports which are mostly from Europe will reach their lowest level since 2017, the report stated.
Dangote refinery effect
Before the Dangote refinery became operational, Nigeria’s fuel importation had been a longstanding challenge.
As of 2017, the country’s imports exceeded 200,000 barrels per day and, at times, surpassed 400,000 bpd.
However, recent developments indicate that the situation is improving. With the Dangote Refinery increasing production, Nigeria’s petrol imports have dropped significantly.
Vortexa analyst Samantha Hartke told Bloomberg:
"A large part of the slowdown in Nigeria’s gasoline imports is due to the ramp-up of the Dangote refinery. Northwest Europe will have to find alternative homes for its gasoline supplies."
Dangote production disrupts EU refining
The Organisation of the Petroleum Exporting Countries (OPEC) in its recent monthly oil market report published on January 15, 2025, revealed that Dangote Refinery has reduced Nigeria’s reliance on imported European refined products.
Insights Global, in another report, also revealed that stockpiles of gasoline held in independent storage in Amsterdam-Rotterdam-Antwerp are at a record high.
Stockpiles of gasoline in Amsterdam-Rotterdam-Antwerp is a major export hub to Nigeria, have reached unprecedented levels.
Nigeria's oil imports decline
Dangote Refinery is the largest in Africa and is also bigger than any other refinery in Europe or Africa.
The refinery's management has continually stressed that it can meet all of Nigeria’s and West Africa’s petroleum needs.
Since the Dangote Refinery began production, Nigeria’s long-term dependence on imported petroleum products has reduced.
With a $20 billion investment, the refinery boasts state-of-the-art technology, including advanced crude distillation, catalytic cracking, and hydroprocessing units, enabling it to process 650,000 barrels of crude oil daily.
Cost of imported petrol drops below Dangote's price
Legit.ng reported that the ex-depot price of petrol has dropped to N922.65 per litre.
This was disclosed in the updates published by the Major Energies Marketers Association of Nigeria (MEMAN).
The new imported prices now have a disparity of N32.35 from the N955 per litre price offered at the loading gantry of the Dangote Petroleum Refinery.
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Source: Legit.ng
