According to the Economist Intelligence Unit (EIU), Nigeria's reliance on imported fuel has been significantly mitigated by the oil refinery owned by Africa’s richest man, Aliko Dangote.
Nigeria’s growing energy independence is a result of the expanding production of the 650,000-barrel-per-day Dangote Petroleum Refinery, and this ramp-up is relieving pressure on the country's foreign exchange market.
Currently, however, the Dangote Oil Refinery has revolutionized Nigeria's downstream oil sector, which for decades relied largely on imported refined products despite Nigeria being Africa's largest producer of crude oil, according to the EIU's latest analysis of the country's petroleum industry and regulatory environment.
According to the research, as seen in the Punch newspaper, the refinery provided about 80% of Nigeria's fuel needs in April.
As the plant approaches full operating capacity, output levels are getting close to the point where local demand can be fully met.
