OPEC Outlook Report Identifies Nigeria’s Leading Refining Position In Africa

The Organization of Petroleum Exporting Countries (OPEC) has identified Nigeria as major driver of petroleum products refiner even though many countries were increasingly pursuing domestic refining projects as part of efforts to curb import dependence and enhance national energy security.
The OPEC further projected that Nigeria and other African countries would need close to $92 billion in refining investments through 2050 to meet rising fuel demand, strengthen energy security and reduce dependence on imported petroleum products.
According to its 2026 World Oil Outlook (WOO), the Organization identified Nigeria and Angola as the principal drivers of the continent’s next wave of refini...