The Federal Government has reached an agreement with Dangote Petroleum Refinery to commence the sale of crude oil in naira, starting October 1, 2024.
This move aims to stabilize the pump price of refined fuel and the dollar-naira exchange rate.
The Implementation Committee, led by Finance Minister Wale Edun, met on Monday to review progress on key initiatives. The meeting outlined roles for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, and African Export-Import Bank.
The Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, announced that the first PMS delivery from Dangote Refinery is expected next month. Significant production increases are also expected from November 2024.
Minister Edun emphasized the need for transparency and directed the Technical Sub-Committee to finalize details and prepare a report for the President.
The move is expected to benefit local refineries, including Dangote Refinery, which requires 15 cargoes of crude oil yearly. The sale of crude oil in naira is expected to bring down the cost of petrol and strengthen the naira against the dollar.
The Arewa Consultative Forum has thrown its weight behind Dangote Petroleum Refinery, describing it as a source of national pride. The forum commended Aliko Dangote, the initiator and promoter of DPRPI, as a courageous, visionary, and patriotic entrepreneur.
