Ghana may purchase petroleum products from Nigeria’s Dangote Oil Refinery once it is operating at full capacity, according to the head of Ghana’s oil regulatory body.
Mustapha Abdul-Hamid, chairman of the National Petroleum Authority, stated at the OTL Africa Downstream Oil Conference in Lagos that this development could eliminate monthly fuel imports from Europe, which currently cost around $400 million, as reported by Reuters.
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“If the refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,” Hamid said.
He stated that importing goods from Nigeria instead of Europe would lower the prices of various goods and services by eliminating freight costs.
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He anticipates that African nations will eventually reach an agreement on a common currency, which should reduce the demand for dollars.
Ghana’s economy experienced a year-on-year growth of 6.9% in the second quarter of 2024, primarily driven by significant growth in the extractive sector, leading to increased fuel demand.
The Dangote Oil Refinery, constructed by Nigerian billionaire Aliko Dangote, is projected to operate at nearly full capacity by the end of the year, with analysts suggesting it could become fully operational in the first quarter of 2025.
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