NIGERIA has become Europe’s largest external supplier of jet fuel, exporting around 466,000 metric tonnes in June, primarily due to the Dangote Petroleum Refinery, according to S&P Global Commodity Insights.
This export volume, valued at approximately ₦757 billion (about $553 million), marks a significant increase from 232,000 metric tonnes in May. U.S. exports to Europe decreased from 560,000 to 399,000 metric tonnes during the same period.
Despite a declining European jet fuel market, attributed to high refinery output and weaker aviation demand, Dangote’s refinery has rapidly established itself in global fuel markets, facilitating Nigeria’s transition from a fuel importer to a major exporter.
Dangote Industries plans to invest an additional $46 billion to expand its refining capacity across Africa, including a new refinery in Kenya.
However, competition is set to rise as other suppliers, including Saudi Arabia and India, are increasing their jet fuel exports to Europe. Analysts foresee a shift toward diesel production due to higher profit margins, although Dangote’s recent exports underline its emerging competitiveness in the international market.