Cameroon has emerged as the first international buyer of refined petroleum from Nigeria’s Dangote Refinery, receiving an initial shipment of 60,000 tonnes of petroleum. The export was made to Neptune Oil, a leading distributor and retailer in Central Africa.
Neptune Oil announced its collaboration with Dangote Refinery to create a reliable supply chain aimed at stabilizing fuel prices and boosting economic opportunities across the region.
The refinery, which has a capacity of 650,000 barrels per day, began selling gasoline within Nigeria in September, with the state-owned Nigeria National Petroleum Company (NNPC) as its exclusive domestic buyer. Despite facing crude supply challenges, Dangote Refinery plans to export 56% of its total fuel production, positioning itself as a key player in the regional fuel market.
Impact on Nigeria’s Oil Sector
The NNPC, which has historically relied on fuel imports to meet domestic demand, anticipates that increased production from Dangote Refinery will reduce import dependency and help the country conserve foreign exchange.
In October, the refinery entered a crude-for-gasoline swap arrangement with the NNPC, settling transactions in local currency (Naira), further supporting Nigeria’s economic resilience.
The Dangote Refinery, owned by billionaire Aliko Dangote, is a game-changer for Nigeria and the wider African region, aiming to strengthen energy security and foster economic stability.
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