The West African country of Ghana has stated its plans to buy petroleum products from Nigeria’s Dangote Refinery in order to cut down on import expenditure.
This was disclosed by the Chairman of the National Petroleum Authority, Ghana, Mustapha Abdul-Hamid during the OTL Africa Downstream oil conference in Lagos, stating it could end fuel imports from Europe which costs the country approximately $400 million per month.
He said, “If the refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices.”
He noted that importing from Nigeria would also bring down the prices of other goods and services by removing freight costs.
According to analysts, the Dangote Oil refinery which was built by Nigerian billionaire, Aliko Dangote, is projected to operate at near full capacity by the end of this year and could be fully operational in the first quarter of 2025.
