The Dangote Petrochemical Refinery is set to import over five million barrels of crude oil in July 2025, primarily sourced from the United States, according to Reuters.
The refinery has contracted approximately 161,000 barrels per day (bpd) of U.S. West Texas Intermediate (WTI) crude for the month, although the final volume could increase if additional contracts are signed.
This follows a record-breaking June, when the refinery imported around 300,000 bpd of WTI crude—the highest in a single month to date.
Located in Lagos and capable of processing 650,000 bpd, the Dangote Refinery has turned to foreign oil supplies to bridge domestic shortfalls.
Edwin Devakumar, the refinery’s Executive Director, acknowledged that local crude supply remains inadequate, making imports necessary to maintain operations.
In July, Vitol is expected to deliver two million barrels, while Socar and Glencore will supply an additional two million and one million barrels, respectively.
While Nigerian crude remains the refinery’s primary input, Dangote has consistently sourced WTI since March 2024. Additional imports have come from countries such as Angola, Equatorial Guinea, Algeria, and Brazil.
Data from shipping analytics firm Kpler shows that the refinery previously hit an import peak in April 2025, bringing in 173,000 bpd from the U.S.
The increased U.S. shipments reflect shifting global oil trade patterns, as declining demand in Asia and lower premiums on UAE’s Murban crude have led American producers to target alternative markets, including Africa.
Despite its massive capacity, the refinery is still operating below full capacity due to technical constraints. According to Industrial Info Resources (IIR), it is expected to run below peak throughput until at least October.
A refinery spokesperson stated that operations are ramping up to 85% of capacity—roughly 552,500 bpd—up from the 80% average reported since mid-March.
Meanwhile, Nigeria’s oil and gas sector has seen a sharp rise in bank credit, with loans increasing by N3.25 trillion between December 2023 and December 2024.
Central Bank of Nigeria (CBN) data shows that credit to the sector rose from N8.36 trillion to N11.61 trillion, a 38.8% increase.
This surge in credit comes alongside over $8 billion in new investments in deepwater oil and gas projects, driven by policy reforms under President Bola Tinubu’s administration.
These reforms helped secure Final Investment Decisions (FIDs) for major developments such as Shell’s Bonga North and TotalEnergies’ Ubeta projects.
The CBN’s financial bulletin further highlights that loans to oil and gas firms climbed to N12.31 trillion in January 2024, peaked at N13.32 trillion in February, dipped in March, and fluctuated through the rest of the year—settling at N11.61 trillion by December.
In parallel, the CBN boosted its foreign exchange support for domestic refining, increasing disbursements from $82 million in 2023 to nearly $190 million in 2024.
The FX support was distributed as follows: $40 million in Q1, $47.25 million in both Q2 and Q3, and $55.43 million in Q4—reinforcing Nigeria’s strategic push for energy independence and refined product self-sufficiency.
