commoditiesnig:


Its Dangote that's importing not Nigeria govt

By the way, Almost all countries import Oil from another.. Even US with her large oil deposit still imports oil from other countries.

By buying just half of that from Nigeria l, our economy will smile. The government will have enough to go around.

walozanga:



Then make your point

I already did it is for those with brains to decipher not for everyone

Paraman:
Dangote is buying crude oil from suppliers in the USA, not Nigeria

Those people are something else. They have successfully turned themselves to global threat .

77up:
Those people are something else. They have successfully turned themselves to global threat .

Before, they were wailing as if Nigeria will be giving crude to Dangote for free. Now that Dangote is buying from the USA, they are still wailing again

They don't like any positive news from Nigeria at all

What we want is for Dangote to rely solely on Nigerian Crude oil that is more expensive, not reliable and short in supply. How is that even possible. Pls do your research before you attack Dangote.

It was reported that, despite being one of Africa's leading crude oil producers, Nigeria faces challenges in meeting its Organization of Petroleum Exporting Countries (OPEC) quota and domestic supply demands. Reportedly, Nigeria loses about 400,000 barrels per day to oil theft.

Dangote Refinery is expected to refine at 650,000bpd that means it would require about 20 million barrel per month to operate the refinery in full capacity. What Dangote is buying from US is merely 2m barrel per month for 1 year, this is just one-tenth of the required amount.

Apart from the fact that buying from US is cheaper for Dangote, the supply is also more reliable. So Dangote needed to augment what he is getting from NNPCL with import from US.

Dangote would only stop purchasing from US, if supply from NNPCL is cheaper, reliable and sufficient. It is business and like any businessman he wants to grow production and make profit.

I believe what the Nigerian Govt needs to do urgently is to boost crude oil production, however it is well known that has been a struggle over the years. The demand for crude is increasing with more domestic refineries coming to life. If production is not increased soon, the importation of crude oil by Nigeria refineries would further increase and that would not be in favour of the economy, we would be in a vicious cycle.

Previously, it was export crude oil and import refined products, now it would be import crude oil and export refined products.

Another ignorant rant

Nigerians like to think we have a lot of oil and maybe it would last forever

Simple question

At current rates of production
How many of these internet experts have a clue how many more years of oil left in the ground.
All through the 70s 80s 90s the US was a major oil importer

Is it because they didn't know they had oil or they didn't know how to drill it
Nigeria has proven reserves of 37.5 billion barrels as of 2024

That means at 1.2 million barrels a day we have 85 years left
If we double to 2.4 million that is 43 years
What would the price of oil be then?

We are not as oil rich as we like to kid ourselves
Some people here are still young enough to be around when our oil is projected to finish

rinzaugustine:
You are very smart and totally understand the game and the most painful part of it is that the humongous forex needed for the game will be sourced from Nigeria’s already depleted forex market..meaning that this dollar crisis and uncontrollable inflation and high prices in market is not going away soon

Which game!? Skepticism go kill you. But I kinda understand though, given Nigerians antecedents. But why not verify from someone working there and see if they are actually refining products instead of just being negative based on skepticism.