Aliko Dangote (centre) inspecting progress at the Dangote oil refinery site, near Akodo Beach in Lagos
Nigeria’s refining renaissance
Africa’s leading oil producer is looking to replace its archaic and underutilised refining capacity with the aim of becoming a global player
The 62-year old shoulders of Aliko Dangote support, to all intents and purposes, the lofty ambitions and desperate hopes of Nigeria in boosting its refining capacity, thanks to his new refinery under construction in a free trade zone on the outskirts of Lagos, its commercial capital. Africa’s largest oil producer averages around 1.8-2mn bl in daily crude oil production but its four refineries have a combined refining capacity of only around a quarter of that—a measly 445,000 bl/d. One is a relic from before independence from the UK in 1960, while the others were built in the 1970s and 1980s. Just as depressing is the fact that each of the plants operate at a level far below their full capaci
Also in this section
5 March 2026
Gas is a central pillar of Colombia’s energy system, but declining production poses a significant challenge, and LNG will be increasingly needed as a stopgap. A recent major offshore gas discovery offers hope, but policy improvements are also required, Camilo Morales, secretary general of Naturgas, the Colombian gas association, tells Petroleum Economist
4 March 2026
The continent’s inventories were already depleted before conflict erupted in the Middle East, causing prices to spike ahead of the crucial summer refilling season
4 March 2026
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
4 March 2026
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
