J.P. Morgan, Absa see Nigeria opportunity as foreign banks exit Africa
International and pan-African banks are deepening their push into Nigeria’s corporate and investment banking market, with J.P. Morgan planning a
Nigeria imported an average of 78,000 barrels per day of petrol between April and August, while Dangote Petroleum Refinery exported gasoline to West African markets when favorable trading opportunities arose. Deputy Editor of Argus Media, George Mayer-Bonnett, reported that the refinery's September deliveries reached a record 172,000 barrels per day, surpassing Nigeria's average daily petrol consumption of 279,000 barrels.
Despite this, Nigeria still imported 78,000 barrels per day of petrol, enabling the refinery to export some production. The report, citing Argus Media and Kpler data, highlighted the growing role of Dangote's refinery in supplying West African fuel markets, with shipments reaching Senegal, Angola, and beyond. The region, however, remained heavily reliant on external imports, with West Africa receiving 516,000 barrels per day of refined petroleum products from outside sources in September, the second-lowest level since 2017.
Dangote's diesel and jet fuel production also exceeded domestic demand, creating opportunities for exports, although petrol exports were limited due to higher domestic consumption.
Written by urgent.news from Punch Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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