The global business database, GlobalEDGE put Nigeria’s total import volume at over $31bn as of 2017. With trade balance also hovering above $13bn, it’s obvious that the country has been overly reliant on importation in many areas.

A significant contributor to this is the petroleum sector. Nigeria produces over 2 million barrels of crude oil per day, but less than 10% is refined locally. That means, after extracting crude oil from the delta, we’ve always had to export it to foreign countries, who then refine the product, and sell back to us.

However, the oil refinery being constructed by Dangote Industries Limited could reverse this significantly, by bridging the trade balance by $2bn each year. This was revealed in a recent report by the International Monetary Fund (IMF).

Read full story here: https://qwenu.com/2019/04/05/dangotes-650000-bpd-refinery-could-reduce-nigerias-export-dependence-by-2bn/

That's $2bn to the pocket of dangote.. After operational costs better profit dey involve.