Nigeria is expected to drive the refinery capacity growth in Africa by 2024, contributing around 71% of the region’s total growth, a report has said. According to GlobalData, the projection is based on the planned and announced (new build) projects in Africa by 2024. It stated that Nigeria is likely to add 1.5 million barrels per day (mmbd) of refinery capacity by 2024.

The data analytic company  in its report asserted, “Global Refining Industry Outlook to 2024 – Capacity and Capital Expenditure Outlook with Details of All Operating and Planned Refineries,” revealed that Nigeria would add 1.8 million barrels per day (mmbd) of planned and announced crude oil refining capacity by 2024. It noted that of this, 1.1mmbd comes from the planned refineries, while the early stage announced projects will contribute the remaining 0.7mmbd by 2024.

It also revealed that refining capacity in Africa is expected to increase by around 55 per cent from 3.7 mmbd in 2020 to 5.8 mmbd by 2024. Of the total capacity additions in the region, 2 mmbd is expected to come from planned projects, while the remaining 0.1 mmbd is likely to come from the expansions of active/operational projects.

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Source: OrientEnergyReview