The Dangote Group is building Africa's largest oil refinery - the 7th on world rankings.
In recent years, Nigeria and its African peers have spent foreign reserves importing refined crude from foreign oil suppliers. Well, that trend is about to change as Africans are building oil refineries of their own.
What does it mean for us?
Dangote's history with refineries
For Nigeria, importing petrol has always put a strain on foreign reserves. And in the not so distant past, it has also led to petrol scarcities in situations where petrol could not be imported.
The culprit for our reliance on foreign suppliers is our ailing refineries. In full operation, Nigeria’s refineries have the capacity to produce enough petrol for most of our consumption. However, this has not been the case for many years.
Nigeria has thus spent over $12 billion - almost half of our annual national budget- on petrol imports since 2018. Improving