The Dangote Refinery, Africa’s largest oil refinery, is reportedly considering increasing its crude oil imports from Angola and Algeria, as discussions are ongoing over the naira-for-crude arrangement with the Nigerian government. This development comes as the Nigerian government engages in discussions to finalise a naira-for-crude deal, aimed at strengthening the local currency and reducing dependency on foreign exchange for oil transactions. The $19 billion Dangote Refinery, Africa’s largest oil refinery, has been a cornerstone of Nigeria’s efforts to achieve self-sufficiency in petroleum products. Since its operations, the refinery has significantly reduced the nation’s reliance on imported fuel. However, with the facility close to operating at full capacity, the refinery is now exploring options to import crude oil to meet its production targets. Bloomberg data show Dangote refinery has taken delivery of more than three million barrels of American crude since the start of the month. The refinery has also made purchases closer home, importing a shipment of Angola’s Pazflor grade and a cargo of Algeria’s Saharan Blend from Glencore Plc in recent weeks. According to analysts at Energy Aspects Ltd., crude deliveries to the Dangote refinery have averaged 450,000 barrels per day in the past two weeks, up from an estimated 380,000 barrels per day in January and February.
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