adsNigeria’s Dangote Petroleum Refinery & Petrochemicals is reshaping the country’s economic standing on the global stage, earning explicit recognition from S&P Global Ratings, according to BusinessDay’s findings.
In an assessment released this week, S&P pointed directly to the operational ramp-up of the 650,000-barrel-per-day refinery complex in Lagos as a structural force multiplier behind Nigeria’s strengthening balance of payments, tightening foreign exchange position, and reduced exposure to supply disruptions emanating from the Middle East.
The upgrade marks a significant milestone for a country that spent much of the last decade haemorrhaging foreign reserves to import the very refined petroleum products it was sending abroad as crude.
“Significant refining capacity is now also online,” S&P stated in its report, noting that Dangote Industries Ltd.’s large-scale facility had ramped to near maximum throughput.
That shift, the agency said, is helping compress Nigeria’s refined product import bill, free up foreign exchange, and deliver greater predictability to domestic fuel, gas, and fertiliser supply chains.adsads
