Nigeria's Dangote Refinery Starts Up with First Shipment of Crude Oil An important turning point for Nigeria's oil sector is the $20 billion Dangote refinery, which is about to start operations. The OTIS tanker, carrying 950,000 barrels of Nigerian Agbami crude oil, delivered the refinery its first cargo of crude oil. The cargo marks the start of operations at the much-awaited facility and was chartered by the state-owned Nigerian National Petroleum Company (NNPC). Escravos, Bonny Light, and Forcados are among the several kinds of crude that the Dangote refinery is equipped to handle.

This project is anticipated to greatly lessen Nigeria's need for imported gasoline while also supporting the country's oil sector. With a 20% ownership in the refinery, the NNPC has promised to provide 6 million barrels of crude oil in December to get things going. Even with significant delays anticipated, the refinery is expected to run at full capacity by mid-2025. Nigeria's Oil Landscape is Changing With the start of operations, the Dangote refinery will provide more than 12% of Africa's product demand, changing the face of Nigeria's oil business. The refinery is estimated to provide over 100,000 jobs once operations eventually get going.

The advent of the refinery was heralded as a historic occasion, igniting expectations that gasoline production would become self-sufficient by the 2040s. The Atlantic Basin's oil trade is about to be greatly impacted by the Dangote refinery. Fuels produced in the US and Europe that have long been used to power automobiles, trucks, and generators on the continent will no longer have a profitable market. The refinery's activities highlight the importance of increasing local supply, which is seen to be essential for sustainability and to benefit Nigeria. Nigeria's oil sector has entered a new chapter with the opening of the Dangote refinery, opening the door to a more independent and sustainable future.