The Dangote Refinery, with a capacity of 650,000 barrels per day, is shifting its focus away from importing crude oil from the United States, as it expects to receive a greater supply from Nigeria, according to a report by Bloomberg.
The plant is expected to source just over 80% of its crude oil from local suppliers in the third quarter of 2024, an increase from less than 75% in the previous quarter, according to data from Bloomberg and information from traders.
This is coming on the heels of the recent approval by the federal government to sell crude oil to the refinery in Naira to reduce pressure on the foreign exchange earnings and ease the mode of transactions for both Dangote and the government.
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