Dangote Refinery seeks billions of dollars to import crude oil

Africa’s richest person, Aliko Dangote, has started discussions with some foreign banks to secure billions of dollars for crude oil importation.

The Africa Finance Corporation (AFC), a pan-African development lender is one of the institutions involved in the talks to raise money, according to Financial Times, FT.

The report noted Dangote Refinery needs to purchase additional crude oil to hit 650,000 barrels per day full capacity.

Already, the Knightsbridge Strategic Group (KSG), a group of experts from US and UK, providing geopolitical intelligence, said it expected the refinery to hit full capacity in 2025, adding: “Assuming full capacity is eventually reached at the Dangote Refinery, KSG assesses that there will be long-term reductions in local fuel costs and increased market competition in Europe as Nigeria becomes a new fuel exporter.

“KSG assesses that Nigeria’s transition to reliance on domestic refined oil will likely allow European nations to de-risk their oil supply chains from Russia further, given the freed-up supply Nigerian refined oil demand will leave countries like Belgium, the Netherlands and Norway with an oversupply.”