NIGERIA'S GASOLINE IMPORTS SLUMP

Nigeria's gasoline imports hit an eight-year low as a new mega refinery replaced foreign suppliers, boosting the country's energy independence.

Supply to the West African country was about 110,000 barrels a day between Jan. 1 and Jan. 24, according to data from analytics firm Vortexa Ltd. compiled by Bloomberg. If that pace continues through the end of the month, the country's imports, most of which come from Europe, will hit their lowest level since 2017.

“A big part of the slowdown in Nigeria's gasoline imports is due to the capacity increase at the Dangote refinery,” said Vortexa analyst Samantha Hartke. “Northwest Europe will have to look for alternative sources of gasoline supply.”

The Dangote plant is larger than any other refinery in Europe or Africa and is being touted as a way for Nigeria, which has long relied on gasoline imports, to become less dependent on foreign supplies.

Gasoline stockpiles at independent storage facilities in Amsterdam-Rotterdam-Antwerp, a key hub for Nigeria’s barrel exports, have hit record highs, according to Insights Global.