After completion, the Dangote refinery is expected to boost the nation’s external reserves and positively metamorphosed the country into a petroleum products exporting nation. The new refinery would produce 650,000 barrels per day of refined petroleum products to meet Nigeria’s refined petroleum products needs as well as export to other countries.
When it becomes operational, Dangote refinery is expected to aid the country with about $7.5 billion dollars forex savings on importation. The group executive director, Dangote Refinery, Devakumar Edwin, recently said the construction of the 650,000 barrels of crude oil per day Dangote refinery was expected to help Nigeria save over $7.5 billion through import substitution, saying that the project, would put Nigeria on the global map as a major oil and gas hub in Africa.
Nigeria currently imports large amounts of its petroleum products due to the inability of the country’s refineries to utilize their full capacity. For example, the National Bureau of Statistics’ (NBS) latest data showed that the downstream of the Nigerian oil and gas sector imported N812billion worth of premium motor spirit (PMS) during the first quarter of 2018.
Already at this year’s Ghanaian International Petroleum conference (Ghipcon 2018) held in Accra, Ghana, participants at the international conference as well as oil distributors and marketers from various countries were eager to know how they could key in for supplies from the 650,000 barrel per day refinery that is preparing to take the continent by storm.