Nigeria: Dangote Refinery to Save $7.5bn Through Import Substitution

The construction of the 650,000 barrels of crude oil per day Dangote Refinery is expected to help Nigeria save over $7.5 billion through import substitution.The project, will put Nigeria on the global map as major oil and gas hub in Africa, the Group Executive Director, Devakumar Edwin, has hinted.

Nigeria currently imports large amount of its petroleum products due to the inability of refineries to utilize their full capacity. For example, the National Bureau of Statistics (NBS) latest data showed that the downstream of the Nigeria oil and gas sector imported N812billion of Premium Motor Spirit (PMS) during the first quarter of 2018.

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