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President Bola Ahmed Tinubu has instructed the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to Dangote Refinery and other upcoming refineries in Naira, according to an announcement by Special Adviser to the President on Information and Publicity, Bayo Onanuga, on Monday.
Onanuga revealed via his official X handle that the Federal Executive Council (FEC) approved President Tinubu’s proposal to stabilize pump prices and the Dollar-Naira exchange rate. The new measure aims to ensure a more stable domestic fuel price and reduce reliance on foreign exchange for crude oil transactions.
“Dangote Refinery currently needs 15 cargoes of crude, amounting to $13.5 billion annually. NNPC has committed to supplying four of these cargoes,” Onanuga stated. “The FEC has approved that the 450,000 barrels meant for domestic consumption be sold in Naira to Nigerian refineries, starting with Dangote Refinery as a pilot. The exchange rate for this transaction will be fixed.”
This intervention is expected to streamline the process by removing the need for international letters of credit and saving Nigeria billions of dollars typically spent on importing refined fuel. Afreximbank and other Nigerian settlement banks will facilitate the trade between Dangote Refinery and NNPC Limited.
