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by Myariyoblog
August 29th 2024.

President Tinubu Supports Dangote Refinery with NNPC Crude Oil SupplyContent


President Tinubu has announced support for the Dangote Refinery by proposing that the Nigerian National Petroleum Corporation (NNPC) sells crude oil to the refinery in Naira, stabilizing fuel prices and exchange rates. FEC approves the proposal to boost local consumption.


This move aims to stabilize fuel prices and exchange rates. The Federal Executive Council (FEC) has endorsed this proposal, which involves selling crude oil to the Dangote Refinery and other Nigerian refineries in Naira.


The Dangote Refinery requires 15 shipments of crude oil annually, amounting to a total cost of $13.5 billion. The NNPC has committed to supplying four of these shipments. Additionally, the FEC has approved the allocation of 450,000 barrels for local consumption, which will be sold to Nigerian refineries in Naira.



Photo Credit: President Tinubu in talk with Dangote Over Nigeria matter



Afreximbank and other Nigerian settlement banks will facilitate trade between Dangote and NNPC Limited, simplifying the process by removing the need for international letters of credit.


This initiative is expected to result in significant cost savings for Nigeria, reducing the billions spent on importing refined fuel.

Stay tuned on Myariyoblog for latest news and more information!

MyAriyo- Finance Insights, Insurance Tips, cybersecurity user
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