₦airaland Forum

The importation of Premium Motor Spirit (petrol) into Nigeria is on track to hit its lowest volume in eight years.

This significant shift is driven by the operations of the 650,000-barrel-per-day Dangote Petroleum Refinery, the country’s recently established mega-refinery, which is reducing the need for imports and bolstering Nigeria’s fuel sufficiency.

A report by Bloomberg on Wednesday, citing data from analytics firm Vortexa Ltd, revealed that petrol imports from foreign suppliers are significantly decreasing, boosting fuel self-sufficiency and marking a key step toward greater energy independence.

An analysis revealed that the highest monthly import volume occurred in November 2022, with over 420,000 barrels imported. In 2024, the country recorded its highest import in May, with 300,000 barrels.


The report also stated that shipments into the country between January 1-24, 2025, stood at about 110,000 barrels a day, representing an import of 17.49 million litres.

If that rate continues for the rest of the month, the country’s imports — most of which come from Europe — will hit their lowest since 2017.

Other sources are from the Middle East, Russia, Asia, and North America.


Reacting, Vortexa analyst Samantha Hartke stated that the development has forced oil traders in Northwest Europe to find alternative destinations for its gasoline supplies.

She said, “A large part of the slowdown in Nigeria’s gasoline imports is due to the ramp-up of the Dangote refinery. Northwest Europe will have to find alternative homes for its gasoline supplies.”

It also stated that stockpiles of gasoline held in independent storage in Amsterdam-Rotterdam-Antwerp — a key exporting hub for barrels to Nigeria — have meanwhile hit a record high, according to figures from Insights Global.

Dangote is bigger than any other refinery in Europe or Africa and has been touted as a way for Nigeria — long reliant on imports of gasoline — to become less dependent on foreign supplies.

However, the refinery has faced its fair share of challenges, starting from the efforts to source crude oil, which have been complicated by low local crude supply from the Nigerian National Petroleum Company Limited affecting its efforts to ramp up daily production.

The PUNCH reports that the Dangote Petroleum Refinery is importing more crude oil as supply from the NNPC becomes insufficient for fuel production at the $20bn Lekki-based facility.

The NNPC is reportedly struggling to supply 350,000bpd to the Dangote refinery from the 450,000bpd crude meant for Nigeria’s local consumption.


With its current production capacity of 500,000bpd, officials said there is a need to look beyond the shores of Nigeria for the feedstock.

It was said that the feedstock needed by the refinery daily cannot be solely supplied by the state-owned oil company, NNPC.

“About 12 million barrels of crude have departed the US and should arrive in Nigeria by February,” the Africa Report reported on Monday.

Recall that in July, President Tinubu ordered the NNPC to sell crude oil to local refineries in naira.

In October, the committee supervising the naira-for-crude deal commenced the sale of crude to only the Dangote refinery in naira, saying it would sell to only petrol-producing refineries.

However, with the Port Harcourt and Warri refineries coming on stream, more refineries would be considered for the naira-for-crude arrangement.

According to the crude oil production forecast of producing oil companies and the refining requirement of functional refineries in Nigeria signed by the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, the Dangote refinery would require 550,000 barrels of a blend of Nigerian crude oil daily, 17.05 million barrels monthly, and 99.55 million barrels between January and June 2025.


The Dangote refinery is already building eight more tanks to store imported crude. The facility is planning to stockpile imported crude oil as local supplies become unreliable.

christejames:
Tinubu and APC are just plain disasters

slimfit1:
If Nigeria has been using the money to help farmers and businesses Trump won't have Nigerians to deport and insult.

Emergingnation:
Flashback: How Bola Tinubu spoke highly of Buhari in 2015, named PDP ‘Poverty Development Party

National leader of the ruling All Progressives Congress, APC, Bola Tinubu had during the presidential campaign in 2015, referred to President Muhammadu Buhari as the only solution for the security and economic challenges facing Nigeria.

During a mega presidential rally, the former governor of Lagos State recalled how some powerful nations in the world returned to army generals when they were challenged, saying “Major General Buhari would revive Nigeria’s economy”.

He named the current opposition People’s Democratic Party, PDP as the “Poverty Development Party saying they had nothing to offer.

His words at the time were; “Every nation has a period of their own challenges, when America was challenged, they turned to one great man, their ex-military general, General Eisenhower. When the French were challenged, they turned to their general, Charles de Gaulle.

“When Britain was challenged, they turned to their general. Today, Nigeria is economically and physically challenged so we turn to General Muhammadu Buhari. He is the right man for the job. If you talk about military experience, he has it abundantly, he has courage, simplicity, he has it abundantly.

“If you talk about great determination, a combination of vision and ability to perform, honesty and integrity, he has it abundantly.

“I laugh when the incapable government, ‘Poverty Development Party’ PDP were talking. They have nothing again to say, they now want to question the qualifications of General Buhari and look for his certificate”.

Following the manifestos in 2015 which projected the APC presidential candidate as a ‘saviour’, Buhari defeated the then incumbent president, Goodluck Ebele Jonathan with Nigerians expecting a total change in security and economy.

https://dailypost.ng/2021/09/01/flashback-how-bola-tinubu-spoke-highly-of-buhari-in-2015-named-pdp-poverty-development-party/

wellmax:
Dumb head.

Deltafirstson:
Although the pump price of fuel was N197 when President Bola Tinubu took over on May 29, 2023, the product now sells for N617 per litre – less than two months after.

In his inaugural address, Tinubu announced that subsidy was gone, fulfilling a promise that all leading presidential candidates made during the campaign.

However, pump price of fuel hit N537 per litre days after Tinubu ended subsidy.

On Tuesday, the price climbed further to N617, a development that the Nigerian National Petroleum Corporation Limited (NNPCL) attributed to “market forces”.

Nigerians have been lamenting the hardship occasioned by fuel price hike. Amid the lamentation, a video where Tinubu campaigned to slash the price of fuel went into circulation.

Checks by Daily Trust affirmed the authenticity of the video uploaded on the YouTube page of Channels Television.

At his campaign rally in Abeokuta, Ogun State capital, on January 25, 2023, Tinubu spoke on a number of issues, but those of fuel scarcity and naira redesign made the headlines.

However, Tinubu who spoke in Yoruba language, also assured the crowd that though people were saying petrol price would hit N200, it would be reviewed downward under him.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200 per litre. Go and relax, we will bring it down,” he had said in the 7th minute of the video.

King Wasiu Ayinde Marshall, a Fuji musician who performed at the rally, interrupted the president’s speech with chants as the crowd cheered.

On the campaign podium with the president were Vice-President Kashim Shettima; Pa Bisi Akande, interim National Chairman of the APC; Femi Gbajabiamila, Chief of Staff to the President; Senator Gbenga Daniel; among other bigwigs of the ruling party.

Tinubu went further to say Nigerians would defy the acute fuel scarcity at the time and trek to cast their votes.

“The great Nigerian youths, the great Nigerian students, the confident Nigerian youths. This is a revolution. This election is a revolution. They are plotting, but they will fail. They said fuel price will increase and reach N200/N500 per litre. Go and relax, we will crash the prices,” he had said.

https://dailytrust.com/breaking-video-of-tinubu-campaigning-to-crash-fuel-

he had said in the 7th minute of the video.

https://www.youtube.com/watch?v=4JH8CC_JdUA

Paraman:
Nigeria is marching forward under the leadership of Tinubu

anonimi:
World Bank offers Nigeria forex rate advice, as Tinubu eyes N200/Dollar rate[

April 23, 2023

The President-elect said he would work with the Central Bank of Nigeria (CBN) to *bring down the exchange rate to N200 in his first term.*

“My administration will collaborate with the Central Bank to harmonize the fiscal and monetary policy to achieve immediate stabilization of the value of the naira against the US dollars and other currencies and in the short term, strengthen the naira by boosting the supply of foreign currency and moderating demand.

“The short-term goal is to achieve a naira/dollar rate of 300 naira/US$ and gradually achieve a less than 200 naira rate over the next four years, Tinubu stated.

https://www.ripplesnigeria.com/world-bank-offers-nigeria-forex-rate-advice-as-tinubu-eyes-n200-dollar-rate/?amp

christejames:
Tinubu and APC are just plain disasters

Judolisco:
Na only Naija stuff dey different.... We said let's stop d importation of rice that we can plant it ourselves.... We closed our borders and the price of our home grown rice rose from 6k per bag to almost 80k.....now na petrol.... From 200 naira to 1k per litre.... Dem swr for us?

Image123:
The individual greed of the average Nigerian is astronomically evil. The only unfortunate thing for me in this case is that the president doesn't have a price control philosophy. He believes the people keep buying because they have the money, if they don't buy the price will come down. In other words, he's left the buyer and seller to their fight without any interference.

slimfit1:
If Nigeria has been using the money to help farmers and businesses Trump won't have Nigerians to deport and insult.

Paraman:
Nigeria is marching forward under the leadership of Tinubu

christejames:
Tinubu and APC are just plain disasters

Image123:
Obi followers will think this is bad news. Comedians that want a so called new Nigeria under the Lamba crooner.

ogododo:
https://punchng.com/domestic-fuel-supply-drags-petrol-imports-to-eight-year-low/

christejames:
Tinubu and APC are just plain disasters