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Dangote refinery, solution to Nigeria’s forex crisis – global finance watchers
International financial analytics corporation, S&P Global, has described the 650,000 barrels per day (bpd) Dangote Oil Refinery and Petrochemicals company as capable of resolving Nigeria’s foreign exchange (forex) issue and its huge pressure on the local Naira currency, while also catalysing the country’s economic development.
S&P Global, headquartered in Manhattan, New York City, disclosed this during an onsite visit to the Dangote Refinery at Ibeju-Lekki, Lagos as part of its sovereign credit ratings assessment of Nigeria. The team from the international rating agency were accompanied by officials from the Federal Ministry of Finance.
S&P noted that the largest single-train refinery complex in the world would bolster Nigeria’s oil sector and, more importantly, also have a positive impact on its growing economy.
Director and Lead Analyst, Sovereign and International Public Finance Ratings, S&P Global Ratings, Ravi Bhatia, who led the delegation to Lagos, said Dangote refinery would transform Nigeria into a net exporter of petroleum products. He added that this transformation is expected to boost revenue generation and alleviate the current pressure on the country’s foreign exchange reserves.
“It is a very impressive facility, able to process 650,000 barrels a day, when in full capacity. It is the largest single-train refinery complex in the world. It came out quite quickly. Nigeria is a big exporter of crude but has issues with importing refined fuels. So, there is a gap in the market where crude can be refined in Nigeria, save money that way, and potentially save some foreign exchange. This will be positive for the economy in the medium term. It looks positive from our assessment,” Bhatia said after an over four-hour tour of the facility.
Also, in a chat with the media, Vice President of Oil and Gas at Dangote Industries Limited (DIL), Devakumar Edwin, who led the team during the tour of the facility, reiterated that by harnessing Africa’s abundant crude oil resources to produce refined products locally, the company aims to catalyse a virtuous cycle of industrial development, job creation, and economic prosperity. He also revealed that, as earlier promised, the company will start the production of premium motor spirit (PMS), this month (July).
Noting that products from the $20 billion facility are of high quality and meet international standards, Edwin said it can meet 100 per cent of Nigeria’s demand for petrol, diesel, kerosene, and aviation Jet, with surpluses available for export.
The S&P team commended the President of Dangote Industries Limited, Aliko Dangote, for integrating advanced technologies and quality control measures, including a state-of-the-art Central Control Unit ensuring smooth automation of operations.
Other members of the team of the international rating agency include the Associate Director, Sovereign Ratings, Maxmillian McGraw; Director, Corporate Ratings, Omegu Collocott; Senior Analyst, Bank Ratings, Charlotte Masvongo, and Director, Financial Services, Samira Mensah.
Currently operating at 350,000 barrels per day capacity, Edwin said the refinery is slated to scale up to at least 500,000 barrels per day capacity by July/August, commencing the refining of petrol and ultra-low sulphur diesel.
He noted that the refinery, designed to process a wide range of crudes including various African and Middle Eastern crudes, as well as US Light Oil, conforms to Euro V specifications. In addition, it is designed to comply with US EPA, European Union (EU) emission norms, the Department of Petroleum Resources (DPR) emission/effluent norms, and the African Refiners and Distribution Association (ARDA) standards.
While noting that most refineries were built by foreign companies, he said it is a thing of pride that a Nigerian company designed and built the world’s largest single-train refinery complex while acting directly as its own Engineering, Procurement, and Construction (EPC) contractor. The refinery also incorporates a self-sufficient marine facility capable of handling the world’s largest vessels.
“The refinery can produce the best quality products in the world, Euro V grade. It is one of the energy-efficient refineries and it is highly environmentally friendly. It is sophisticated with a high level of automation. The largest single train refinery in the world is 100 per cent designed, engineered, and constructed by a Nigerian company as EPC contractor,” he said.
Nigeria, one of the world’s leading oil-producing countries, exports all its crude oil for refining and subsequently imports refined products due to a lack of operational refineries. It is estimated that Nigeria imports at least 50 million litres of petrol per day to meet domestic demand.
According to data from the National Bureau of Statistics (NBS) in its Foreign Trade Statistics for the Fourth Quarter of 2023, Nigeria spent approximately N12 trillion on the importation of petroleum products in 2023, including premium motor spirit (PMS), commonly known as petrol. This figure marks an 18.68% increase compared to the N10 trillion spent on fuel imports in 2022.
Justice Muhammad Nuraddeen Bello of High Court sitting in Sokoto State has sentenced three men, including a foreign national, to death by hanging, after convicting them on charges bordering on terrorism and arms proliferation.
The convicts, Yusuf Muhammad (alias Sallau), a Nigerien; Jabbi Alhaji Yalle; and Kabiru Muhammad, were apprehended on 13th June, 2025, by the Department of State Services (DSS) Counter Terrorism Unit in connection with cross-border criminal activities bordering on arms trafficking and terrorism.
Bello, who found all three defendants guilty as charged and sentenced them to death by hanging, while also ordering the forfeiture of all monetary exhibits recovered from the convicts to the Federal Government, said: “The conviction is the latest in a series of successful prosecutions by the DSS in its sustained operations against terrorism and organised cross-border criminal networks across Nigeria.”
The sentencing is coming about two weeks after the Federal High Court sitting in Abuja sentenced each of the five suspects arrested on May 31, 2026, by the DSS for their involvement in the November 21, 2025, attack on St Mary’s Catholic School, Papiri, Niger State, to 25 years’ imprisonment.
Justice Binta Nyako, had handed down the judgment after the men, including two Nigeriens, pleaded guilty to all four terrorism-related charges, bordering on support for the commission of an act of terrorism, breaching both Section 16 of the Terrorism (Prevention and Prohibition) Act, 2022, and the Firearms Act, were pressed against them.
According to Count One, the men were accused of jointly conspiring to assist a terrorist by agreeing and intentionally playing various roles towards conveying 15 AK 103 rifles as well as about 1,434 rounds of 7.62mm live ammunition from the Diffa region, Republic of Niger, to one Malam Ahmad, a member of the Boko Haram terrorist group based in Borgu, Niger State, and thereby committed an offence contrary to Section 26(1) of the Terrorism (Prevention and Prohibition) Act, 2022.
Primate Elijah Ayodele, is on the verge of coughing out a whopping N10billion, if he fails to offer unrestrained apology to Rabiu Musa Kwankwaso, former Governor of Kano State within the next 24 hours, and retract his claim that the former Minister of Defence is bidding his time to betray Peter Obi, to whom he is to contest the 2027 presidential election as a running mate.
Without doing so, the controversial cleric, should be ready for a major court battle with the vice-presidential candidate of the Nigeria Democratic Congress (NDC), the platform on which the pair is to contest the election.
In a letter indicating a legal action against Ayodele of the INRI Evangelical Spiritual Church over defamatory remarks, Kwankwaso, through Magaji Mato Ibrahim, SAN & Co., his lawyers demanded an immediate retraction and apology from the cleric over the allegations.
Details of the letter, dated June 11, and unveiled through the X platform of the legal team, was based on a viral video recorded during a live-streamed church service, where the preacher made allegations targeting Kwankwaso’s integrity as Peter Obi’s running mate under the NDC.
Quoting the cleric as stating: “KWANKWASO IS A FAKE TO OBI, KWANKWASO WILL BETRAY YOU. KWANKWASO HAS BEEN PAID TO BE VICE PRESIDENT TO OBI AMONG OTHER LIBELOUS COMMENTS WHILE PRETENDING TO BE A PREACHER,” the former governor said the comments were unprovoked, grossly unfounded, and carefully designed to create a rift within the ranks of the political party and its supporters.
Handing Ayodele a 24-hour ultimatum to publish a full and unequivocal retraction across all social media platforms and news outlets with the same prominence as the original video, they also demanded a written undertaking that he would cease and desist from making any further malicious statements against their client, warning that failure to comply, would lead to full legal actions.
The letter stated: “We shall claim substantial damages to the tune of Ten Billion Naira and cost of the action on a full indemnity basis amongst other reliefs.”
President Bola Ahmed Tinubu on Tuesday demanded the immediate end to the exportation of minerals from countries in Africa in their raw forms, which he said had led to massive exploitation of the continent.
The President, told member countries of the African Minerals Strategy Group (AMSG), a forum of Ministers in charge of Mining and Solid Minerals on the continent to speak with one voice to promote, collective interests, ensure value addition, and prevent the continent from becoming merely a source of raw materials for the rest of the world.
As the Grand Patron of the group, chaired by Dele Alake, Nigeria’s Minister of Solid Minerals Development, gave the charge while receiving a delegation of AMSG in the State House, Tinubu told the delegation that the group had a critical role to play in strengthening Africa’s bargaining power in the global mineral market and ensuring that the continent derives maximum value from its natural resources.
His words: “ What we should do is avoid bureaucracy and deceit; we must put an end to exploitation. The rest of the world won’t mind if your country is a cesspit of dams and rubbish and excavates your raw materials without giving value.
“It is our responsibility to collaborate and cooperate to ensure that these metals and minerals bring value to us, bring technology to us, and we can do it. It is how much each country will put into the research, development and refinery. I don’t see reasons we cannot demand centralisation of that conversation somewhere on the continent. So why not utilise that in our research and development and knowledge-based economy to enhance the quality of life and bring prosperity to our people.”
Emphasising that Africa possessed enormous mineral wealth that should be strategically harnessed to drive industrialisation, create jobs and accelerate economic transformation across the continent, the President, said the era of exporting raw minerals without local processing and beneficiation must give way to a new model that encourages investment in local industries, technology transfer and the development of value chains that retain wealth within Africa.
Alake, who had earlier expressed gratitude to the President for his exemplary leadership under the Renewed Hope Agenda, said the gesture had shown support for Nigeria’s mineral sector, especially in the local value-addition and economic diversification drive, where artisanal miners are empowered.
He told the President: “You encouraged us to look at the focal point of the establishment of this group, which is to ensure that the African natural resources, especially with regards to minerals, critical matters, are localised, the beneficiation coming directly to Africans generally.
“You charged us that we should set our sails very high and ensure that local value addition is a pivot around which all the objectives of this organisation should revolve.
“So, sir, we have gone implemented your charge and we are quitted that today local value addition is reverberating all over Africa.”
He added that some member countries have gone ahead to ban the export of raw minerals.
He explained members of the body were in Abuja for the Fifth edition of the African Natural Resources and Energy Investment Summit (AFNIS 2026), to push for a new continental approach to resource management and industrial development.
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