Dangote Oil Refinery to Lift Nigeria’s GDP to $322 Billion by 2025

SEATTLE (Oil Monster): According to a recent Data Services & Resources Ltd. analysis titled "Impact of Dangote Refinery on the Nigerian Economy," the recently commissioned Dangote Oil Refinery will increase Nigeria's GDP to $322 billion by the end of the following year.

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The study said that the refinery, which launched first operations in January this year, is predicted to have a big positive impact on the country’s economic growth. It will also significantly improve budgetary sustainability by generating thousands of new direct and indirect employment. Additionally, it would be very important in lowering the nation's reliance on imported petroleum products and increasing exports of refined goods, both of which would significantly improve the trade balance of the nation.

With the refinery operating, GDP growth is anticipated to reach 6.21% by 2030 and 4.15% in 2024. The GDP was predicted to expand by 4.13% by 2030 and 3.34% in 2024 without the refinery.

Nigeria's GDP is predicted to increase from N234.43 trillion in 2023 to N304.8 trillion in 2024 and N364.94 trillion in 2025, per the report. The GDP is also expected to reach N432.24 trillion by 2026 and then increase even further to reach N806.91 trillion by 2030.