Nigeria, one of Africa’s top oil producers, has been facing challenges in securing enough crude oil to meet the capacity of the Dangote refinery. The refinery, which has a capacity of 650,000 barrels per day, has been struggling to source sufficient crude despite being one of the largest sites in Africa.
In a bid to address this issue, Dangote refinery has announced plans to start purchasing crude oil in naira, the local currency of Nigeria. This move is seen as a strategic decision to streamline the purchasing process and potentially increase the refinery’s access to the necessary raw materials.
The decision to buy crude oil in naira comes at a time when Nigeria is looking to boost its domestic production and reduce its reliance on imports. By purchasing crude in local currency, Dangote refinery aims to support the Nigerian economy and strengthen the country’s oil industry.
The move by Dangote refinery highlights the challenges faced by the oil sector in Nigeria, despite being one of the largest producers on the continent. It also underscores the importance of innovative solutions and strategic decision-making in ensuring the sustainability and growth of the industry.
Overall, the decision to buy crude oil in naira by Dangote refinery marks a significant development in the Nigerian oil sector and serves as a step towards increasing domestic production and self-sufficiency.
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Video “Nigeria : Dangote refinery to buy crude in naira • FRANCE 24 English” was uploaded on 08/21/2024 to Youtube Channel FRANCE 24 English