The Organisation of the Petroleum Exporting Countries (OPEC) has highlighted the significant impact of Nigeria’s Dangote Petroleum Refinery on the global Premium Motor Spirit (PMS) market, particularly in Europe.

The refinery, which began operations in January 2024 with a capacity of 650,000 barrels per day, started PMS production in September.

This marked a turning point for Nigeria, a nation that had long depended on petroleum product imports.

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Since production commenced, the refinery has been exporting petrol, diesel, and aviation fuel to markets across Africa and beyond.

In its report released on Wednesday, OPEC noted that the Dangote Refinery has substantially reduced the importation of petroleum products into Nigeria, reshaping global trade flows.

“The ongoing operational ramp-up efforts at Nigeria’s new Dangote refinery and its gasoline (petrol) exports to the international market will likely weigh further on the European gasoline market,” OPEC stated.

“Continued gasoline production in Nigeria, a country that has relied heavily on imports to meet its domestic fuel needs in the past, will most likely continue to free up gasoline volumes in international markets, which will call for new destinations and flow adjustments for the extra volumes going forward.”

Impact on Europe’s Gasoline Market

OPEC’s report indicated that Europe is already feeling the effects of this shift, with reduced gasoline exports to Nigeria leading to inventory builds at storage hubs in the Amsterdam-Rotterdam-Antwerp region.

The gasoline crack spread in Rotterdam against Brent crude saw a slight increase, supported by strong exports.

However, OPEC warned that the winter season’s lower demand could exacerbate the growing gasoline surplus in the Atlantic Basin, adding pressure to an already bearish market.

The report also revealed a rise in Nigeria’s crude oil production.

According to OPEC’s data from secondary sources, Nigeria produced an average of 1.507 million barrels per day (mbpd) in December 2024, a 12,000bpd increase from the previous month.

Government data showed a slightly lower figure of 1.485mbpd for the same period, aligning with figures from the Nigerian Upstream Petroleum Regulatory Commission.

The $20 billion Dangote Refinery has been ranked above Europe’s largest refineries in terms of capacity.

With its ability to process 650,000 barrels per day, it surpasses Shell’s Pernis refinery in the Netherlands (404,000bpd) and BP Rotterdam (380,000bpd).

Other major European refineries include the GOI Energy ISAB refinery in Italy (360,000bpd), TotalEnergies Antwerp in Belgium (338,000bpd), and the ExxonMobil Antwerp refinery (307,000bpd).

OPEC’s analysis underscores the refinery’s transformative potential. By reducing Nigeria’s dependence on imports and exporting refined products, the Dangote Refinery is reshaping global petroleum markets while enhancing Nigeria’s energy security.

President Bola Ahmed Tinubu has invited his United Arab Emirates counterpart, Sheikh Mohamed bin Zayed Al Nahyan to visit Nigeria this year.

The revelation was made in a statehouse statement on Thursday by Special Adviser to the President (Information & Strategy), Bayo Onanuga, in which he also confirmed that Sheikh Nahyan accepted the invitation.

It was gathered that President Tinubu offered him the invited on Wednesday night during their bilateral talks on the sidelines of the Abu Dhabi Sustainability Week 2025.

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President Tinubu arrived in Abu Dhabi on Sunday as a guest of the UAE President to participate in the Sustainability Week, a forum for exchanging ideas to support sustainable development worldwide and encourage collective action to address global challenges, such as climate change, water and energy crises.

He delivered Nigeria’s position on climate and other challenges earlier on Wednesday and congratulated the UAE leader for the successful event.

During the discussions, Sheikh Nahyan thanked the Nigerian leader for accepting his invitation and expressed the UAE’s determination to strengthen economic cooperation between Nigeria and his country.

The two leaders also explored attracting investment into Nigeria.

President Tinubu told his UAE counterpart that his government’s economic reforms were yielding fruits and called on the UAE to partner with Nigeria to develop the economy.

He said the reforms had stabilised and grown the economy, encouraging foreign investors, including international oil companies, to announce billion-dollar investments, signalling renewed confidence in doing business with Africa’s most populous nation.

President Tinubu thanked Sheikh Nahyan for the warm reception he and his aides received since their arrival over the weekend.

Minister of Foreign Affairs Yusuf Tuggar, Minister of Finance Wale Edun, and the National Security Adviser Nuhu Ribadu accompanied President Tinubu to the meeting at the Emirates Palace Mandarin Oriental in Abu Dhabi.

Sheikh Nahyan, Deputy Prime Minister and Minister of Foreign Affairs; Sheikh Hamdan bin Mohamed bin Zayed Al Nahyan, Deputy Chairman of the Presidential Court for Special Affairs; and H.H. Sheikh Zayed bin Hamdan bin Zayed Al Nahyan accompanied the UAE President.

Other UAE officials at the meeting were: Reem bint Ebrahim Al Hashimy, Minister of State for International Cooperation; Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Salem Saeed Al Shamsi, UAE Ambassador to Nigeria.

Naomi Silekunola, former queen of the Ooni of Ife, alongside Oriyomi Hamzat, owner of Agidigbo FM, and Abdulahi Fasasi, Principal of Islamic High School, Bashorun, regained freedom on Tuesday following their 21-day detention at Agodi Correctional Centre.

The three were remanded over allegations stemming from the tragic deaths of 35 children in a stampede during a funfair in Ibadan.

Justice K. B. Olawoyin of the Oyo State High Court granted bail on Monday, setting the amount at ₦10 million each with two sureties in like sum. The state government had opposed the bail application, citing the gravity of the charges, but the judge ruled that the defendants were entitled to bail since the incident was not premeditated.

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The case involves 18 charges, including murder, manslaughter, and criminal negligence, under the Criminal Code of Oyo State. The prosecution accused the defendants of failing to provide adequate security, crowd control, and medical facilities at the event.

Justice Olawoyin also criticized the use of a holding charge to detain the accused, stating that it infringes on their rights and is unconstitutional. “There is no place for a holding charge in the Constitution, and keeping them in custody without proper trial is a violation of their rights,” he remarked.

Following his release, Hamzat was welcomed by a large crowd at Agidigbo FM. Addressing his supporters, he said tearfully, “Oriyomi is back. At this time, I am in a moment of silence. Thank you very much.”

The tragic stampede on December 18 claimed the lives of 35 children, with ages ranging from 1.5 to 18 years. The state government cited the defendants’ failure to ensure safety measures as a primary cause of the tragedy.

The legal proceedings continue as the court seeks to determine accountability for the devastating incident.