Following a high-level meeting in Abuja, Aliko Dangote, CEO of Dangote Refinery, called on the Nigerian National Petroleum Company Limited (NNPCL) and oil marketers to cease petrol importation, asserting that his refinery is equipped to satisfy local demand.
“We are ready,” Dangote stated. “I assured Mr. President we will be able to supply the market with a minimum of 30 million liters per day, increasing over time. Marketers should come forward and load our products.” He emphasized the financial strain of holding extensive reserves, explaining, “We’re maintaining over a billion liters in our tank, costing us daily.”
President Bola Ahmed Tinubu, who hosted the meeting, reinforced the administration’s commitment to strengthening the oil sector through the new Naira-based crude sales policy. “We will not revert to outdated and ineffective methods of the last 40 years,” Tinubu affirmed. He explained that the policy, designed to boost Nigeria’s economic self-reliance, aligns with his vision of a market-driven oil sector that no longer relies on foreign exchange hurdles.
Finance Minister Wale Edun, chair of the Implementation Committee, praised the initiative, noting, “The sale of crude in Naira to local refiners has set the economy on a path of industrialization.” Edun highlighted the positive impact of market reforms on various industries, including agriculture, chemicals, and textiles. “This policy is in line with the President’s goal to create a conducive environment for private-sector investment, which will spur job creation and economic growth.”
Edun further explained that NNPCL’s increased financial stability from market-driven petroleum pricing is bolstering federal, state, and local government revenues, supporting critical social services and infrastructure. “We have set the economy on a clear path to industrial development,” he added, while emphasizing that AfreximBank’s involvement will ensure seamless transactions between crude sellers and buyers.
The meeting included key figures such as CBN Governor Yemi Cardoso, FIRS Chairman Zach Adedeji, NMDPRA Chief Farouk Ahmed, and NUPRC Head Gbenga Komolafe. Ahmed noted that local consumption, currently at 45-50 million liters per day, is expected to remain stable despite recent price adjustments aimed at reducing cross-border fuel smuggling.
In a related statement, the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed that its members had begun sourcing petrol from the Dangote Refinery. This follows the September 15 release of petrol by Dangote Refinery, with the NNPCL initially acting as the sole buyer before stepping aside to allow other marketers to purchase directly.
