Importing petroleum products from Nigeria's newly operational Dangote Refinery, Africa's largest, is a way to reduce reliance on more expensive European imports, according to the chairman of Ghana's National Petroleum Authority.
Speaking at the OTL Africa Downstream oil conference in Lagos, Nigeria, on Monday, Mustapha Abdul-Hamid said the move could potentially eliminate Ghana's current $400 million monthly fuel imports from Europe.
"If the refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria," Hamid explained.
The $20 billion Dangote refinery, located in Lekki, Legos, began releasing petrol into the Nigerian market in September.
Hamid emphasized that importing from Nigeria instead of Europe would reduce the cost of goods and services in Ghana by eliminating freight costs. He also expressed hope that African countries would eventually adopt a common currency, further reducing reliance on the US dollar.