Nigeria to Become Africa’s Largest Oil-Refining Hub

SEATTLE (Oil Monster): The latest research carried out by Hawilti- a pan-African investment research agency, states that Nigeria is poised to become biggest crude oil refining hub in entire African region in the next two years. This is despite the country not having any crude oil refining capacity currently.

The report noted that the opening of the Dangote Refinery and the rehabilitation of state-owned refineries will help Nigeria to emerge as Africa’s biggest refining hub by 2025. The report shared a positive outlook for the Western African region, with new capacities expected to come online during the current year. It must be noted that the region is home to a gigantic refining capacity, though it is only around 25% operational.

Hawilti noted that the much-awaited Dangote Refinery is finally expected to begin production this year. The refinery has been under construction for over a decade now. The commissioning of the facility is forecast to help Nigeria rebalance its trade deficit, the report said. The refinery output will help the country reduce its dependence on imports, thus generate currency savings.

It must be noted that Nigeria has already begun rehabilitation efforts on three of its state-owned refineries in Port Harcourt, Warri, and Kaduna.