President Bola Tinubu has mandated the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to Dangote Refinery and other forthcoming refineries in Naira, marking a significant shift in the nation’s oil trade policy.
This directive, announced by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, via his official X handle on Monday, is aimed at stabilizing both the pump price of refined fuel and the dollar-Naira exchange rate. The Federal Executive Council (FEC) adopted this measure in their latest session.
Dangote Refinery, currently needing 15 cargoes of crude oil annually at a cost of $13.5 billion, will benefit from NNPC’s commitment to supply four cargoes. Furthermore, the FEC has sanctioned that the 450,000 barrels designated for domestic consumption be sold in Naira to Nigerian refineries, with Dangote Refinery serving as the pilot.
The official statement highlighted that the exchange rate will be fixed for the duration of this transaction. Additionally, Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited, eliminating the need for international letters of credit and saving the country from substantial dollar payments.
This strategic move is anticipated to reinforce Nigeria’s economic stability and fortify its oil sector.
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