OIL CARGOES MEANT FOR NAIRA-FOR-CRUDE DEAL SUPPLIED TO DANGOTE – NNPC

The Nigerian National Petroleum Company Limited (NNPC) has confirmed that oil cargoes originally meant for the naira-for-crude deal have been supplied to the Dangote Refinery.

The Group Chief Executive Officer of NNPC, Mr. Mele Kolo Kyari, disclosed this on Friday while addressing concerns about the implementation of the naira-for-crude initiative. He said the arrangement is part of efforts to ensure steady supply of crude oil to local refineries and reduce dependence on imported petroleum products.

“The cargoes meant for the naira-for-crude deal have been delivered to Dangote Refinery. This is in line with our commitment to support local refining and promote the use of the naira in oil transactions,” Kyari stated.

The naira-for-crude deal was introduced to allow local refineries to purchase crude oil in naira, thereby reducing the pressure on foreign exchange and supporting the local currency. The initiative has been welcomed by stakeholders as a step towards achieving self-sufficiency in petroleum products.

Dangote Refinery officials have confirmed the receipt of the cargoes and expressed appreciation for the support from NNPC. The refinery has been ramping up production and is expected to play a major role in meeting Nigeria’s domestic fuel needs.

Industry analysts have described the development as a positive step towards the full implementation of the naira-for-crude programme. They believe it will help stabilise fuel supply and reduce the country’s reliance on imported petroleum products.

The Federal Government has reiterated its commitment to the success of the naira-for-crude deal and pledged to address any challenges that may arise during its implementation. The NNPC has assured that more cargoes will be supplied to local refineries under the programme in the coming weeks.