A shortage of oil refineries across sub-Saharan Africa coupled with soaring crude prices because of the war in Ukraine has left countries dangerously short of fuel supplies.
Governments are now scrambling to get refineries up and running in the face of growing discontent over price spikes.
However, getting the refinery online would require $40 million in new investment, industry sources said, which the country can ill afford as it contends with a growing mountain of debt and a double-digit fiscal deficit.The 42,000 bpd Limbe refinery has been shut since a fire in 2019, but a directive from the president's office seen by Reuters asked the finance minister on April 22 to put plans in place quickly to revamp the heavily indebted plant.
But its much-anticipated launch has been pushed back to next year and the overhaul of Nigeria's Port Harcourt refinery which will take years has only just started after two decades of discussion. Diesel and jet fuel in particular have been in short supply as refiners drastically scaled back output during the pandemic when travel restrictions grounded planes while Russian diesel volumes have fallen since the Ukraine war began.
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