Ghana is considering importing petroleum products from Nigeria’s Dangote Oil Refinery as the facility nears full operational capacity, potentially reducing its costly reliance on European imports.
Mustapha Abdul-Hamid, Chairman of Ghana’s National Petroleum Authority, stated that this shift could save the country an estimated $400 million per month in fuel import costs.
Abdul-Hamid announced at the OTL Africa Downstream Oil Conference in Lagos, where he highlighted that importing fuel from Nigeria, once the refinery reaches its 650,000 barrels-per-day (bpd) production capacity, could lead to reduced shipping costs and more affordable fuel prices for Ghanaians. “Rather than importing from Europe, we could benefit from Nigeria’s proximity, which I believe will bring down our prices,” he explained.
READ ALSO: Diesel Prices Rise by 1.93% in Nigeria as Marketers Boycott Dangote Refinery
The Dangote Refinery, owned by Africa’s wealthiest man, Aliko Dangote, is anticipated to produce a range of refined products, including petrol, diesel, and jet fuel, catering not only to Nigeria’s demands but also for export across West Africa, the Caribbean, and even Brazil.
READ ALSO: Diesel Prices Rise by 1.93% in Nigeria as Marketers Boycott Dangote Refinery
With an investment of $20 billion, the refinery is expected to significantly reduce Nigeria’s dependency on fuel imports, making it the largest refinery in Africa and Europe upon reaching full operation.
Earlier this year, Dangote confirmed that the facility would help meet fuel demands across the African continent, stating, “Our capacity is too large for Nigeria alone, so we can supply to West, Central, and Southern Africa.”
READ ALSO: NNPC Denies Sabotage Allegations, Reaffirms Commitment to Dangote Refinery Investment
This potential partnership aligns with discussions among African nations about a common currency, which could further reduce the region’s dependence on dollars for international trade.
