According to reports, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has revealed that Nigeria cannot meet the 700,000 barrels per day (bpd) crude oil needs of the Dangote Refinery. The statement was made during a press conference in Abuja, Nigeria, but the exact date of the event has not been disclosed.
The Dangote Refinery, owned by Aliko Dangote, is Africa’s largest refinery and is expected to significantly reduce Nigeria’s dependence on imported petroleum products. However, according to Oyedele, Nigeria does not have the capacity to supply such a large volume of crude oil to the refinery.
The Minister’s statement raises concerns about Nigeria’s oil production capacity and its ability to support local industries like the Dangote Refinery. The Nigerian National Petroleum Company Limited (NNPCL) has not yet commented on when the facility began operating or the volume of crude oil it requires.
This development comes at a time when the Nigerian government is grappling with economic challenges, including high inflation and a weak naira exchange rate. The inability to meet the crude needs of the Dangote Refinery could exacerbate these issues.
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