Business
Ghana Plans to Buy Fuel from Nigeria’s Dangote Refinery to Lower High Import Costs
Ghana has announced plans to purchase petroleum products directly from Nigeria’s Dangote Refinery, aiming to reduce the significant costs of importing fuel from Europe.
This decision, revealed by Mustapha Abdul-Hamid, Chairman of Ghana’s National Petroleum Authority, came during his address at the OTL Africa Downstream Oil Conference in Lagos.
For years, Ghana has imported its petroleum from European markets, primarily Rotterdam, with costs reaching around $400 million monthly.
By sourcing fuel from Dangote Refinery instead, Abdul-Hamid believes Ghana could not only ease the financial strain of imports but potentially lower petrol prices for Ghanaians.
“If Dangote’s refinery can produce 650,000 barrels a day, Nigeria alone won’t need all of that supply,” he stated.
“Rather than continuing to import from Europe, it would be easier—and likely more affordable—for us to source directly from Nigeria.”
The Dangote Refinery, Africa’s largest and most advanced, began distributing petroleum products in September 2024, partnering with the Nigerian National Petroleum Company Limited (NNPC) as its primary off-taker.
The facility’s vast production capacity has attracted attention from neighbouring countries like Ghana, which hopes that local access will make fuel costs more manageable.
Ecobank Group is reportedly set to raise up to $250 million through an Additional Tier 1 (AT1) capital offering in order to strengthen the bank’s capital base.
This was revealed during the company’s annual general meeting held in Togo on the 29th of May, 2025. According to the meeting, the bank stated that the conversion price for the shares will be based on the higher of the prevailing exchange rate and the floor price of $0.02 per ordinary share.
The speaker stated “As we cast our eyes into the future and reimagine all possibilities—rising competition from banks, fintechs, and non-bank financial institutions, as well as factors such as geopolitics, regulations, and capital markets—we cannot afford complacency.”
The Central Bank of Nigeria (CBN) recently assured stakeholders about the state of the banking sector in Nigeria, stating that the banking sector can still be trusted and is secure.
The assurance was shared in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. In the statement, it was emphasized that stakeholders should disregard any negative news concerning the banking sector, as such reports are misleading.
The CBN also highlighted the security of the deposits entrusted to it, stating, “There is no reason for the public to worry about the security of their deposits.” The extent of the measures and security in place was also emphasized by the director in the statement.
Nigerian Businessman Dr. Cosmos Maduka analyzes popular Billionaire, Aliko Dangote and describes him as the biggest debtor in Nigeria.
The businessman highlighted the fact that people who seem to have the most money are often the largest debtors.
“The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world.”
“As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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