The construction of the 650,000 barrels of crude oil per day Dangote Refinery by the Dangote Group is expected to help Nigeria save over $7.5 billion through import substitution and put the country on the global map as major oil and gas hub in Africa, the Group Executive Director, Devakumar Edwin has hinted. Nigeria currently import large amount of its petroleum products due to the inability of the country’s refineries to utilise their full capacity. For example, the National Bureau of Statistics (NBS) latest data showed that the downstream of the Nigeria oil and gas sector imported N812 billion of petrol during the first quarter of 2018. According to NBS, the country imported N349.45 billion worth of petrol in the month of March 2018, representing the highest volume of petroleum product import during the quarter under review. Specifically, the petroleum products importation statistics for first quarter 2018 reflected that […]