In February, Dangote imported over 6 million barrels of crude, and in March, the refinery will receive more than 10 million barrels for refining. It’s astonishing that Nigeria, a major OPEC member and oil producer, has its biggest refiner importing crude oil for its refining needs. It defies logic that Dangote is selling crude in Naira without a liquid forwards market to hedge against volatility and foreign exchange risks.
