Nigeria Continues Heavy Fuel Imports Despite Dangote Refinery

Despite the inauguration of the Dangote Refinery, Nigeria remains heavily reliant on imported petrol, with 1.947 million metric tonnes imported between October 1 and November 11. The refinery, which has the capacity to produce 650,000 barrels per day, is struggling to meet local demand and is currently holding over 500 million litres of petrol in stock. Aliko Dangote, the refinery's founder, has expressed frustration at the continued imports and has called on the Nigerian National Petroleum Company Limited (NNPCL) and marketers to source fuel locally. However, the NNPCL has denied reports of ending fuel imports, emphasizing that local sourcing depends on economic viability. Rising fuel prices have further complicated the situation, leading to a decrease in local demand and prompting the refinery to consider exporting gasoline. Investors are concerned about the refinery's ability to secure a steady supply of crude oil amidst currency devaluation issues in Nigeria.