Africa’s largest oil refinery is now open for business in Nigeria.
The facility is expected to help Nigeria achieve self-sufficiency, become a net exporter of refined petroleum products, and boost fuel supplies across Africa. At least 40 percent of the oil products produced at the facility will be available for export, resulting in significant foreign exchange earnings for Nigeria. Nigeria is Africa’s biggest oil producer and yet it still has to import refined petroleum products for its own use.
This new facility is expected to transform the country’s oil and natural gas sector, which has been struggling for many years. The west African nation’s state-run refineries are poorly maintained and operating far below capacity, making it reliant on imported petroleum products.