As COVID-19 delays Dangote refinery: Oil import takes toll on earnings

The COVID-19 pandemic has affected the completion of the Dangote Refinery and also crippled a critical segment of the Ebute-Metta to Apapa segment of the Lagos to Ibadan rail project.

The two major projects are seen as key to advancing Nigeria’s crave for self-sufficiency, industrialization, massive export, and ease of doing business.

Even though it is a private venture being spearheaded by Africa’s richest man, Alhaji Aliko Dangote, the Dangote Refinery is expected to find a lasting solution to Nigeria’s heavy dependence on importation of petroleum products for domestic consumption.

All Nigeria’s refineries are comatose and the country relies heavily on importation despite its strategic position as Africa’s largest oil producer, pumping about 1.78 million barrels per day in March. Oil sales contribute about 90% of the country’s foreign exchange earnings, 60% of the revenue, and 8% of GDP, according to Nairametrics.

Read more: https://www.dailytrust.com.ng/as-covid-19-delays-dangote-refinery-oil-import-takes-toll-on-earnings.html