Nigeria's long-struggling oil sector took a significant step towards value addition with the online launch of the Dangote refinery in Lagos. This $20bn, 650,000-barrel-per-day facility represents a massive financial commitment, backed by a complex mix of domestic banks, the Nigerian central bank, and a 20% stake from the state-owned NNPC. The project's financing, including a $3.3bn syndicated loan and central bank guarantees, underscores the government's strategic push to move beyond mere crude exports. The refinery's potential to process Nigeria's own crude domestically is crucial for reducing costly imports and subsidy burdens, though its success hinges on overcoming persistent challenges. A 15 per cent import duty on petrol and diesel was briefly imposed to protect the new refinery but was quickly dropped amid warnings of single-source dependency, highlighting the delicate balance regulators face.

This policy shift followed a bitter public clash between Dangote and the regulator, culminating in the resignations of key downstream and upstream officials.