daniel chigunweNigeria’s imports of gasoline are on course for an eight-year low as the country’s new mega-refinery pushes out foreign suppliers, boosting the nation’s fuel independence.
Shipments into the West African nation stood at about 110 000 barrels-a-day during January 1-24, data compiled by Bloomberg from analytics firm Vortexa show. If that rate were to continue for the rest of the month, the country’s imports — most of which come from Europe — would hit their lowest since 2017.
“A large part of the slowdown in Nigeria’s gasoline imports is due to the ramp up of the Dangote refinery,” Vortexa analyst Samantha Hartke said. “Northwest Europe will have to find alternative homes for its gasoline supplies.”
Dangote is bigger than any other refinery in Europe or Africa and has been touted as a way for Nigeria — long reliant on imports of gasoline — to become less dependent on foreign supplies.
Stockpiles of gasoline held in independent storage in Amsterdam-Rotterdam-Antwerp — a key exporting hub for barrels to Nigeria — have meanwhile hit a record high, according to figures from Insights Global. — Bloomberg
Bongani Ndlovu