Nigeria’s current fuel scarcity might extend into 2024, as S&P Global Commodity Insight has disclosed that the Dangote refinery, slated for the fourth quarter of 2023, would not save the country from the looming global fuel scarcity.
S&P, a global research firm, in a report obtained by Ripples Nigeria on Monday, said the readiness of the country to have substantial refined fuel is dependent on the Dangote refinery coming on stream. Still, even after the operation commences, it will not reach its 650,000 production capacity at the end of 2024.
So, while the refinery will enable Nigeria to refine some of its products in the country, the largest crude oil producer will still be largely dependent on European countries to meet its fuel consumption needs.
