Nigeria, July 23 -- Despite being the largest refinery in Africa, the Dangote Petroleum Refinery is now importing between 9 and 10 million barrels of crude oil monthly from the United States and other parts of the world.

This was disclosed by Aliko Dangote, President, Dangote Industries Limited, in his keynote address during the West African Refined Fuel Conference in Abuja.

Rather than purchasing crude oil from producers in the country at competitive prices, the refinery is compelled to enter into deals with foreign traders who purchase Nigerian crude and export it at huge premia, argued Dangote. This, he continues, not only erodes local value addition but increases the cost of petroleum products refining business in Nigeria.

Dangote ...