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Nigeria becomes Africa’s largest importer of refined petrol from Europe- S&P

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Analysts at S&P Global Commodity Insights have revealed that Nigeria has become the largest importer of refined petrol in Africa as petrol shipments from Europe to Africa increase.

Crude oil shipments from the Middle East to Europe have increased significantly following the E.U.’s ban on Russian oil since April 2023. As a result, surplus refined petrol ships from Europe are heading to Africa with Nigeria the major destination.

However, the report cautioned that Nigeria’s petrol import from Europe is not expected to last long with full production from the 650,000-barrel Dangote refinery.

It noted that European petrol exporters will have to find alternative destinations when that happens or reduce supply to Africa in general.

It stated,

Nigeria has made concerted efforts in the past few years to reduce refined petroleum imports some of which have begun to bear fruit. In 2021, the NNPCL decided to purchase a 20% stake in the Dangote refinery for $1.036 billion.

 

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