Soaring world oil prices: Ghana, South Africa turn to Nigeria

The crisis in the Middle East is likely to be a blessing to Nigeria as some countries in Africa have turned to Nigeria for their oil supply.

World oil prices are experiencing high volatility and upward pressure in March 2026, driven by , with Brent crude surging over $100 per barrel .

According to Bloomberg, Ghana, South Africa, and Kenya are among the countries seeking to purchase petroleum products from the refinery.

“African nations that have long been reliant on giant refineries in the Persian Gulf for fuel are in a bind as the Iran war chokes off supplies,” the publication said.

“Some are now turning to Aliko Dangote, the continent’s richest person, for help.

“The Nigerian billionaire owns a 650,000-barrel-a-day refinery outside Lagos, a plant he’s described as a “monster” that he would never have built if he’d known how tough the undertaking would be.

“The $20 billion project was eventually brought online in 2024 after a series of delays and massive cost overruns and has been ramping up since then.”

According to the report, this shift has brought an end to the country’s long-standing practice of exporting crude oil for refining and then re-importing it at a significantly higher cost.

Reports disclosed that there is sufficient demand for petrol and diesel within Nigeria to soak up about three-quarters of the refinery’s output, leaving the rest available for export.

Ghana,  South Africa and Kenya are among the African countries that have indicated their interest in patronizing Dangote.

“The plant won’t be able to fully meet the regional fuel-supply deficit, and most countries don’t hold sufficient strategic reserves to buffer consumers against extended shortages,” the publication said.

“Some governments and firms are already making contingency plans.

“Ethiopia is urging citizens to use fuel sparingly and says public-transport providers will get priority access, while South African coal miner Exxaro is taking steps to ensure it can power its vehicles and operations.”

The report added that the jockeying that is set to take place for fuel is expected to boost Dangote’s profits.