The Dangote Petroleum Refinery made significant strides in 2024, taking up 13% of Nigeria’s crude oil exports. This marked a considerable increase from the 2% recorded in the previous year, leading to an 11% rise in domestic supply. As a result, Nigeria saw a decrease in its crude oil exports to Europe, as the Dangote Refinery began to cater to a larger portion of the country’s fuel needs.
Despite Nigeria’s status as a major crude oil exporter, the country found itself importing 47,000 barrels per day of US oil. This was partly due to the fact that local supply could not keep up with the demands of the Dangote Refinery. Globally, crude oil exports experienced a 2% decline in 2024, largely influenced by factors such as weak demand growth, sanctions on countries like Russia and Iran, and ongoing conflicts in regions like Ukraine and the Middle East.
The Dangote Refinery’s impact extended beyond Nigeria’s borders, as it started exporting refined products to markets in Africa and Europe. This highlighted the refinery’s growing influence on global oil dynamics, showcasing its potential to become a key player in the industry.
Overall, the Dangote Petroleum Refinery’s performance in 2024 was a testament to its growth and development. By increasing domestic supply, reducing the country’s reliance on crude oil exports, and expanding its reach to international markets, the refinery has positioned itself as a significant player in the global oil sector.
Source: Nairametrics
