The top 10 countries that import petroleum products from Nigeria's $20 billion Dangote Refinery include the United States of America, Spain, France, South Korea, Angola, Togo, Guinea, Belgium, Israel, and Singapore. This is happening concurrently with a vote of confidence in the Dangote Refinery being passed by students nationwide in postsecondary educational institutions operating under the National Association of Nigerian Students, or NANS.
Nonetheless, fuel oil, gasoline, jet fuel, and naphtha are among the goods that have been sent to the nations at various points in time, bringing in more foreign cash for the country.
Argus Group, United Kingdom, revealed in its presentation at a recent virtual event, Nigeria's Dangote Refinery - What it Means for Trade Flows and Price Benchmarks, obtained by Vanguard, that the refinery has altered the direction of petroleum product trade flows between West Africa and other regions while creating many new jobs.
Generating several additional benefits, such as employment. Nigeria will import 160,000 bpd of fuel, a 60% decrease. It stated that Nigeria's fuel imports are expected to decrease by 60% to 160,000 barrels per day (b/d) by 2025, from 400,000 b/d in 2023, due to the refinery's upstream construction. According to the prediction, Nigeria would only need to import 75,000 barrels per day in 2025 as opposed to 350,000 barrels per day in 2023. It also states that starting in 2026, Nigeria will begin importing more due to anticipated population increase and rising domestic demand.
From 2025, Nigeria will export jet kerosene and diesel. The Argus Group reports that starting in 2025, the country is anticipated to begin exporting aviation and diesel fuel, which will increase Nigeria's foreign exchange inflow.
"Nigeria's 650,000 b/d Dangote refinery has been ramping up operations since the start of 2024, including loading regular refined product cargoes, after years of anticipation," the statement read. The size of the refining operation will alter global product trade patterns and necessitate new price benchmarking solutions for the West African multiplier impacts, including jobs, in an area that has historically produced a lot of crude but refined little of it. Nigeria's net import position (short) will drop to approximately 400,000 b/d in 2023, while its net export position (long) will rise to 160,000 b/d.
There is still a shortage of gasoline, but in 2025 the nation will only need to import 75,000 barrels, down from 350,000 in 2023. But starting in 2026, the net gasoline shortfall is expected to increase once more, reaching 220,000 b/d by 2040.