Africa’s largest oil refinery, owned by Nigerian billionaire Aliko Dangote, will begin exporting fuel to Ghana, expanding beyond Nigeria. The $20 billion Dangote Petroleum Refinery near Lagos can supply domestic fuel demand and regional markets. Ghanaian officials confirmed plans to import refined petroleum products from the privately owned facility, highlighting its growing role in West Africa’s energy supply.
Ghana eyes Dangote fuel imports
Speaking at the Nigerian International Energy Summit in Abuja, Godwin Kudzo Tameklo, chief executive officer of Ghana’s National Petroleum Authority, said the country’s refining capacity is too limited to satisfy domestic demand. Ghana operates two small refineries and a modular plant producing about 5,000 to 6,000 barrels per day, far below national fuel consumption.
“That scale may sound insignificant in Nigeria, but in Ghana it is considered sizeable,” Tameklo said. “Even so, we have always relied on imports, both crude oil and refined products. Ghana therefore represents a strong offtake market for the Dangote Refinery.” He said Ghana and Dangote Group have already begun commercial discussions aimed at building a long-term supply relationship. Proximity between the two countries, he added, could help lower fuel delivery costs and reduce Ghana’s dependence on distant suppliers.
Regulation, FX risks shape fuel trade
Beyond logistics, Tameklo stressed that regulatory alignment and economic stability will determine how successful cross-border energy trade can be. Exchange-rate volatility, he said, remains a major concern. “If the Ghanaian cedi is performing well while the naira is under pressure, it limits the benefits for consumers,” he said, adding that uniform regulation across African markets would help support sustainable trade.
Tameklo said Ghana’s priority is ensuring access to affordable, high-quality fuel, noting that partnerships with large-scale refineries could help stabilize supply. He also warned against aggressive price controls in downstream markets, arguing that selling fuel below cost can weaken competition and harm long-term industry health.
Dangote IPO targets local and global investors
The push into exports comes as Dangote Petroleum Refinery moves closer to a planned initial public offering. Economists and Analysts expect the listing to lift the market capitalization of the Nigerian Exchange above 200 trillion naira, or about $140 billion.
The 650,000-barrel-per-day refinery has reshaped Nigeria’s fuel market by cutting imports. Dangote plans to sell between 5 percent and 10 percent of the business while retaining a controlling stake of 65 percent to 70 percent. The IPO will begin with an institutional placement before opening to retail investors, giving Nigerians an opportunity to own shares in the refinery.
The group is also designing the offering to appeal to foreign investors, with shares purchasable in naira and dividends paid in dollars. That structure would be supported by projected annual export revenue of $6.4 billion from petrochemical products, polypropylene and fertilizer.
