The International Monetary Fund has said the crude oil refinery being built by Dangote Industries Limited will improve the trade balance by $2bn per year after coming on stream.

The Washington-based fund noted that Nigeria, despite being a long-time crude oil exporter, continued to import refined oil to meet domestic demand.

It said in a report released on Wednesday that the Dangote refinery could transform the country’s petroleum industry, boost growth, turn the country into an exporter of refined products, improve the balance of payments, and transform regional trade patterns.

Read more at: https://energydiscuss.com/dangote-refinery-ll-improve-nigerias-trade-balance-by-2bn-yearly-imf/