Will Nigeria’s biggest oil refinery alleviate chronic fuel shortages?
Africa’s biggest oil refinery has been opened in Nigeria, where it is hoped it will alleviate chronic fuel shortages. Nigeria is a major oil producer but most of this is sent abroad while it has to import the refined fuel used in vehicles and elsewhere. As a result the country often faces chronic fuel shortages.
What is Africa’s biggest oil refinery?
After years of delays, Africa¡¯s biggest oil refinery has started processing crude oil. The 650,000 barrel-per-day facility, built from scratch on reclaimed swampland, aims to end Nigeria¡¯s reliance on fuel imports. Owned by Africa¡¯s richest man Aliko Dangote, the $20bn refinery received its first crude shipment in December 2023.
What will the Nigerian refinery produce?
The refinery is expected to meet 100% of all refined products required in Nigeria, and have a surplus for export. The refinery will initially produce diesel and aviation fuel and later progress to premium motor spirit.
Who owns the Nigerian oil refinery?
The Nigerian government through the NNPCL owns a 20% equity in the refinery valued at $2.7bn. The refinery will receive an initial 300,000 barrels of crude oil per day from the government.