The Dangote Petroleum Refinery took 13% of Nigeria’s crude oil exports in 2024, thereby raising domestic supply by 11% from the 2% recorded in 2023. Consequently, the West African country exported less crude to Europe than usual. However, despite its status as a major crude exporter, Nigeria imported 47,000 barrels per day of US oil, in part because local supply could not meet with the demands of the Dangote Refinery. Globally, crude exports declined by 2% in 2024, impacted by weak demand growth, sanctions on Russia and Iran, and conflicts in Ukraine and the Middle East. Nevertheless, the Dangote Refinery made significant progress as it began supplying a significant portion of Nigeria’s fuel demands. Beyond that, it also began exporting refined products to African and European markets, highlighting its growing impact on global oil dynamics.
Source: Nairametrics