In a significant development, Nigeria has witnessed a sharp decline in the volume of Premium Motor Spirit (PMS) imported in October 2024, thanks to a boost in PMS production by Dangote refinery. This marks a crucial step towards achieving self-sufficiency in petrol production, a goal the country aims to accomplish by December 2024.

According to a ship-tracking report, Nigeria imported only 280,400 barrels of gasoline and blend stock in the first week of October, followed by another 290,567 barrels in the second week. This decline in imports is attributed to the increased production by Dangote refinery, which is expected to disrupt the market forces and put pressure on Europe's oil industry.

This development is significant for Nigeria, which has spent around $17 billion annually on importing refined petroleum products. The country's reliance on European refiners has been a major economic burden, and the shift towards self-sufficiency is expected to have a positive impact on the economy.

The news also has implications for the global oil industry, as Nigeria's reduced reliance on imports is expected to force European plants to reconfigure, seek new markets, or shut down operations altogether.