President Bola Tinubu has directed the Nigerian National Petroleum Company Limited (NNPC) to sell crude oil to Dangote Refinery and other upcoming refineries in Naira. This directive aims to stabilize the pump price of refined fuel and the dollar-Naira exchange rate.
Bayo Onanuga, the Special Adviser to the President on Information and Publicity, announced this development on Monday via his official X handle. He stated that the Federal Executive Council (FEC) adopted this decision to enhance economic stability.
According to reports from CKNNews, Dangote Refinery currently requires 15 cargoes of crude, costing approximately $13.5 billion yearly. While NNPC has committed to supplying four cargoes, the FEC has approved that the 450,000 barrels designated for domestic consumption be offered in Naira to Nigerian refineries, with Dangote Refinery serving as the pilot.
The statement also 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. This strategic move is expected to eliminate the need for international letters of credit, thereby saving the country significant dollar payments.
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