A new report by S&P Global Commodity Insights has revealed that Nigeria is the largest importer of refined petrol from Europe, in Africa.
According to the analysts, following the European Union’s ban on Russian oil since April 2023, crude oil shipments from the Middle East to Europe have increased significantly.
As a result, surplus refined petrol ships from Europe are heading to Africa with Nigeria the major destination.
The report, however, warned that Nigeria’s petrol import from Europe is not expected to last long with full production from the 650,000-barrel Dangote refinery.
It noted that European petrol exporters will have to find alternative destinations when that happens or reduce supply to Africa in general.
“Right now, the Europe gasoline surplus is heading to Africa, with Nigeria the largest importer, but that is not expected to last as increased production from Nigeria’s new 650,000 b/d Dangote refinery will mean reduced import demand in Nigeria and more supplies in Europe. European gasoline exporters will have to find alternative destinations or reduce runs or a combination of both,” the report indicated.
