Ghana could buy petroleum products from Nigeria’s Dangote Oil Refinery once the facility operates at full capacity, the head of the country’s oil regulator said on Monday.
According to a report by Reuters, this could end monthly fuel imports from Europe of $400 million, Mustapha Abdul-Hamid, chairman of the National Petroleum Authority, Ghana said at the OTL Africa Downstream oil conference in Lagos.
According to him, importing from Nigeria rather than Europe would bring down the prices of other goods and services by removing freight costs. Eventually, he said African countries would agree on a common currency that should dampen demand for dollars. Ghana’s economy, which grew by 6.9% year-on-year in the second quarter of 2024, has been driven largely by a strong expansion of the extractive sector which has boosted demand for fuel.
The Dangote Oil refinery, built by Nigerian billionaire Aliko Dangote, is expected to operate at near full capacity by the end of the year, and analysts believe it could be fully operational in the first quarter of 2025.
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