By Abidemi Samuel
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Dangote Refinery, owned by Africa’s richest man, Aliko Dangote, has started exporting refined petroleum products to neighboring West African countries. According to a report by Bloomberg, the refinery has shipped over 300,000 barrels of gasoline to Togo, a West African country.
This development comes after President Bola Ahmed Tinubu ordered the sale of crude oil to Dangote Refinery in Naira. The Nigerian National Petroleum Company Limited (NNPCL) has confirmed that it has implemented the president’s directive.
However, there are claims that the refinery is selling its products in dollars, despite receiving crude oil from NNPCL in Naira. This has sparked controversy, with some critics arguing that the refinery is not adhering to the president’s directive.
The export of refined petroleum products to West Africa is expected to have a significant impact on the region’s energy market. The chairman of the Ghanaian National Petroleum Authority (NPA) has stated that importing petroleum products from Nigeria would reduce prices and freight costs.
Dangote Refinery has the capacity to process 650,000 barrels of crude oil per day, making it one of the largest refineries in Africa. The refinery has also signed an agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to supply 60 million liters of petroleum products weekly.
The commencement of export activities by Dangote Refinery is expected to boost Nigeria’s economy and reduce the country’s reliance on imported petroleum products. However, the controversy surrounding the refinery’s export activities in dollars has raised concerns about the impact on the local economy.
As the refinery continues to expand its operations, it is expected to play a significant role in shaping the energy landscape of West Africa. With its massive production capacity and strategic location, Dangote Refinery is poised to become a major player in the region’s energy market.
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