Nigeria's petrol imports have reached their lowest level in eight years, with shipments averaging around 110,000 barrels per day between January 1 and 24, according to data compiled by Bloomberg from analytics firm Vortexa Ltd. This significant decline is attributed to the country's new mega-refinery, which is reducing Nigeria's reliance on foreign suppliers and strengthening fuel independence.

The $20.5 billion Dangote refinery, owned by Africa's richest man, has a processing capacity of 650,000 barrels per day, making it the largest refinery in Africa. It surpasses Europe's 10 largest refining facilities, including the Pernis Refinery, which has an installed capacity of 404,000 barrels per day (bpd). The refinery has been hailed as a key step in reducing the country's reliance on foreign supplies, and its impact is already being felt in the European oil market.

According to the Organisation of the Petroleum Exporting Countries (OPEC), Dangote's oil push in Nigeria is starting to disrupt the European oil market. Economists suggest that the Dangote refinery could potentially end the long-standing gasoline trade from Europe to Africa, which is valued at $17 billion annually. This could have significant implications for the global oil market, as Nigeria is a major importer of gasoline from Europe.

Stockpiles of gasoline stored in Amsterdam-Rotterdam-Antwerp, a major hub for exports to Nigeria, have reached a record high, according to data from Insights Global. This suggests that the Dangote refinery is already having a significant impact on the global oil market, and its effects will likely be felt for years to come.

Vortexa analyst Samantha Hartke noted that "a large part of the slowdown in Nigeria's gasoline imports is due to the ramp-up of the Dangote refinery." She added that "Northwest Europe will have to find alternative homes for its gasoline supplies." This highlights the significant shift in the global oil market, as Nigeria becomes less reliant on foreign suppliers and more self-sufficient in its fuel production.

The Dangote refinery is a game-changer for Nigeria, which has long depended on gasoline imports. The refinery's expansion is expected to continue to reduce Nigeria's reliance on foreign supplies, strengthening the country's fuel independence and potentially disrupting the European oil market. As the global oil market continues to evolve, the impact of the Dangote refinery will be closely watched by economists and industry experts alike.

In conclusion, Nigeria's petrol imports have reached an 8-year low, thanks to the country's new mega-refinery. The Dangote refinery is reducing Nigeria's reliance on foreign suppliers, strengthening fuel independence, and disrupting the European oil market. As the global oil market continues to evolve, the impact of the Dangote refinery will be felt for years to come.