Nigeria’s Dangote refinery has increased petrol and urea exports to African nations affected by the Iran War’s supply shortages.
Aliko Dangote on Monday said that the 650,000-barrels-per-day refinery had helped cushion the full impact of the crisis both in Nigeria and across the continent.
“What I can do is assure Nigerians … and most of West Africa, Central Africa, and East Africa, we have the capacity to supply them,” Dangote said during a tour of the facility.
According to him, the Dangote refinery has delivered about 17 cargoes of petrol to other African countries, while exports of urea fertiliser have increased recently as purchasers looked for new sources of supply.
“In the last couple of days, we’ve been looking to mostly African countries, which we were not doing before,” he said, referring to the fertiliser shipments, without giving figures.
According to officials, the refinery has the capacity to produce up to 3 million metric tonnes of urea yearly, the majority of which is sold to South America and the United States.
Industry data indicates that Nigerian fuel prices have risen to all-time highs because the Dangote refinery’s maximum output has not been able to counteract the impact of high crude prices.
Dangote said the refinery hoped to get more crude cargoes priced in local currency to help curb fuel costs.
A Reuters report last week quoted two trade sources and a refinery official that the Nigerian National Petroleum Company Limited (NNPCL) was allocating seven May cargoes to Dangote refinery, up from five in previous months.
OPEC+ decided on Sunday to increase daily production by 206,000 barrels for May. Additionally, Saudi Arabia established the official May Arab Light crude oil selling price to Asia at a record premium of $19.50 per barrel, which is $17 more than the Oman/Dubai average.
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