NIGERIA’S DANGOTE SCORES JET-FUEL EXPORT DEAL WITH SAUDI GIANT

There’s a new player shaking things up on the energy-export scene - Nigeria’s Dangote refinery.

In early February 2025, the Lagos-based facility reportedly shipped 130-million litres of jet fuel to Saudi Aramco, the world’s biggest oil company.

The $20-billion refinery, created by Nigerian billionaire Aliko Dangote, was built to reduce Nigeria’s reliance on fuel imports. However, the deal with Aramco might just have opened the door to exports, earning Dangote around $75 million based on current jet-fuel prices.

But it hasn’t all been smooth sailing for Dangote. The Nigerian National Petroleum Corporation (NNPC) and some international oil companies have accused him of trying to monopolise the market. With a capacity of 650,000 barrels per day, the Dangote refinery poses a significant threat to local importers and European sellers of refined products, who have been benefiting from Nigeria’s economy.

The effects of this development extend beyond Nigeria, impacting the African continent. Analysts suggest that Dangote could help reduce the annual $17-billion outflow from Africa to Europe for gasoline.

Could the success with Aramco be the spark that ignites energy independence and economic recovery across the continent?