Nigeria's oil industry is poised for growth with the launch of a new 50,000 barrels per day refinery, marking a significant step towards self-sufficiency in the petroleum sector.
Nigeria's crude oil production averages 1.5 million barrels per day, with top buyers including the US, France, and Spain, despite challenges in global oil prices and oil theft.
Nigerian petroleum marketers are turning to Dangote Petroleum Refinery due to rising depot fuel prices, with the Independent Petroleum Marketers Association of Nigeria authorizing direct purchases from the refinery.
Nigeria generates N50.88tn in crude oil revenue in 2024, driven by average price of $80.53 per barrel, despite production capacity challenges and price oscillations.
Aliko Dangote's refinery project, with a capacity of 650,000 barrels per day, has altered global crude flow, relying on expensive US imports due to difficulties accessing locally produced crude.
Nigeria's petrol imports have reached an 8-year low, averaging 110,000 barrels per day, as the country's new mega-refinery reduces reliance on foreign suppliers and strengthens fuel independence.
Nigeria's refineries are set to process a substantial share of its crude oil production in H1 2025, with 9 refineries projected to consume 143 million barrels of crude, driving growth and rehabilitation of state-owned refineries.
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