Post #281

🇳🇬 Nigeria’s Glass Ceiling Nigeria’s refineries lack the crude oil they need to operate — despite being the largest oil producer in Africa. Why so? 🌐 The Nigerian Midstream and Downstream Petroleum Regulatory Authority estimates that in 2025 the country’s oil refineries used only 61.58% of their installed capacity. 🔍 The main obstacle is that instead of supplying domestic refineries, crude oil is flowing abroad. For decades, Nigeria lacked its own refineries, so exporting crude became the norm — and more importantly — exports bring in foreign currency, which, given the naira’s high inflation, is far more attractive than selling crude on the domestic market. ⏩Meanwhile, the government is working in the wrong direction: Nigeria is mostly encouraging the construction of new refineries when it should be compelling producers to supply crude at home. 🔸 At the moment, Nigeria has issued licences for refinery projects with a combined capacity of 1.2 million barrels / day — virtually the country’s entire current production — but all of them are stuck at the design stage because there is no guaranteed domestic crude supply. Devils Below