Ghana Eyes Nigerian Oil Imports to Cut Costs

Ghana is considering purchasing petroleum products from Nigeria's Dangote Oil Refinery once it reaches full capacity, which could significantly reduce its reliance on costly imports from Europe, potentially saving $400 million per month. Mustapha Abdul-Hamid, chairman of Ghana's National Petroleum Authority, noted that the refinery, which is expected to operate at 650,000 barrels per day by early 2025, could enhance local fuel availability and lower prices. The Dangote refinery recently shipped its first seaborne gasoline cargo, marking a crucial step in its ramp-up process. This transition is anticipated to reshape the regional gasoline market, reducing the need for imports from Europe. Additionally, Dangote Cement has invested N460 billion to transition its fleet to compressed natural gas (CNG), aligning with Nigeria's government initiatives and aiming for a complete switch by mid-2026. These developments underscore a shift towards reducing fuel costs and enhancing energy independence within West Africa.