Dangote Refinery Could Save Nigeria N15tn in Imports

Dele Oye, former president of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), stated that the Dangote Petroleum Refinery, with a capacity of 650,000 barrels per day, could save Nigeria N15 trillion in annual fuel import costs and generate $11 billion in foreign exchange inflow. Oye criticized the Nigerian National Petroleum Company (NNPC) for its claims of monopoly against the refinery, arguing that Nigeria continues to incur significant foreign exchange losses due to its reliance on imported refined petroleum products.

He noted that Nigeria spent approximately N15.42 trillion on petrol imports in 2024, which he described as a significant drain on foreign exchange reserves. Oye emphasized that the Dangote Refinery could meet 90% of Nigeria's domestic fuel demand, thereby reducing import dependence and improving macroeconomic stability.

He called for a review of import licenses and stronger protections for domestic refineries to encourage private sector investment in refining infrastructure.