Nigeria Becomes a Net Exporter of Refined Petroleum Products

NIGERIA – For a first, Nigeria has become a net exporter of refined petroleum products, with Dangote Petroleum Refinery plant exporting 44,000 barrels of oil per day in March, above the country’s imports, marking a surplus of around 3,000 barrels per day.

Nigeria’s gas imports fell to 41,000 barrels per day in the same month, its lowest ever.

Nigeria’s imports fell as the refinery‘s production increased, and the resulting surplus was redirected towards exports.

The refinery boasts a daily capacity of 650,000 barrels.

It processed around 565,000 barrels of crude in March, one of the highest volumes recorded since the plant began operations in late 2023.

Nigeria’s policies in improving the investment climate for its energy sector played a key role in this transformation.

Nigeria had long relied on imported petroleum to meet its domestic demand due to a lack of refining capacity, despite being the continent’s largest oil producer.

The Lagos-based refinery began production in January after being established for $19 billion by Nigerian businessperson Aliko Dangote, one of Africa‘s wealthiest entrepreneurs.

The plant is located in the Lekki region of the state, off the coast of the Atlantic Ocean.

The facility will be able to meet Nigeria’s entire refined product demand once it operates at full capacity.