Nigeria has emerged as Africa’s leading importer of refined petroleum, according to S&P Global Commodity Insights analysts.
The disclosure coincides with a significant increase in petrol exports from Europe to the continent, spurred by a boom in crude oil deliveries from the Middle East to Europe, which gained traction following the European Union’s ban on Russian oil in April 2023.
Surplus-refined petroleum vessels are now reaching Africa, with Nigeria serving as the principal recipient.
However, experts warn that Nigeria’s reliance on European fuel imports may be short-lived due to the Dangote refinery’s impending full-scale output, with a capacity of 650,000 barrels per day.
The report emphasises that European petrol exporters will need to look into alternate markets or modify their supply strategy in light of Nigeria’s increased capability for local refining.
In summary, although Nigeria is now the country that imports the most refined petrol in Africa, this trend is anticipated to change as a result of the Dangote refinery’s increased output.
Exporters of petrol from Europe will need to adjust to this shifting environment by looking for new markets or restructuring their supply networks.
Source: Allnews.ng