Dangote Refinery retained 13% of Nigeria’s crude exports in 2024, significantly increasing the country’s domestic share of oil exports from 2% in 2023. This shift has contributed to a decline in Nigeria’s exports to Europe. Interestingly, despite being a major crude exporter, Nigeria imported 47,000 barrels per day of US oil in 2024, which experts consider unusual for crude oil exporting countries.
Key Implications:
- Global Crude Exports Decline: Global crude exports dropped by 2% in 2024, the first decline since the COVID-19 pandemic, due to weak demand growth and reshuffled trade routes.
- Changing Trade Routes: The Dangote Refinery’s operations, along with other new refineries in the global south, have altered the global flow of crude amidst sanctions on Russian oil and conflict in the Middle East.
- Nigeria’s Energy Landscape: The Dangote Refinery has increased domestic supplies, exported Premium Motor Spirit to African countries, and diesel and jet fuels to Europe, transforming Nigeria’s energy landscape.
Source: Nairametrics
