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Dangote Refinery Imports More Crude, Exports Amid $89/Barrel Cost Surge

7/23/2026

Summary

Story summary

Nigeria’s 650,000-bpd Dangote refinery, receiving reduced crude under a naira-for-crude deal, buys international crude to keep full capacity as local naira sales limit foreign-exchange earnings.
The BI Africa Benchmark price has risen to $89.43 per barrel, raising the refinery’s raw-material costs.
Devakumar Edwin, vice president of oil and gas at Dangote Industries Limited, said the refinery exports output because it receives little crude under the naira-for-crude deal.

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Story summary

Nigeria’s 650,000-bpd Dangote refinery, receiving reduced crude under a naira-for-crude deal, buys international crude to keep full capacity as local naira sales limit foreign-exchange earnings.
The BI Africa Benchmark price has risen to $89.43 per barrel, raising the refinery’s raw-material costs.
Devakumar Edwin, vice president of oil and gas at Dangote Industries Limited, said the refinery exports output because it receives little crude under the naira-for-crude deal.