Lekki Deep Sea Port Dominated by Crude Oil and Aviation Fuel Imports
Nigeria's Lekki Deep Sea Port processed over 1.86 million metric tonnes of crude oil and aviation fuel in early August, highlighting the country's ongoing reliance on imports.
The massive influx of petroleum products underscores the complex supply chain dynamics gripping the Nigerian energy sector.
Despite the multi-billion-dollar Dangote Refinery's recent commencement of operations, disputes over domestic crude allocations and pricing frameworks with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have forced local refiners and marketers to source raw materials from international markets.
The economic toll of this dependency is significant, with an estimated import bill exceeding $1.08 billion for 13.6 million barrels of crude oil at a global average price of $80 per barrel.