Dangote Refinery reportedly stops supply of petroleum products to Nigerian market
The Dangote Refinery has stopped loading petroleum products for the Nigerian market due to slow progress in renegotiating the naira-for-crude agreement, according to TheCable.
However, the refinery will continue supplying the export market, as it currently sources crude exclusively from international suppliers in U.S. dollars.
The refinery had previously sold petroleum products to Nigerian marketers in naira, facilitated by a deal with the Nigerian National Petroleum Company (NNPC) Ltd., which allowed it to purchase crude in the local currency. That agreement, however, has now come to an end.
Earlier this month, several reports indicated that the NNPC had discontinued the naira-for-crude arrangement with Dangote and other local refineries.
While Olufemi Soneye, NNPC’s chief corporate communications officer, confirmed that the agreement, which began in October 2024, remains in place until the end of March, he also noted that negotiations for a new deal with Dangote Petroleum Refinery are ongoing.
Mr Anthony Chiejina, the Group Head of Corporate Communications at Dangote Group refused to answer any of the calls Neusroom placed to him.
This is a developing story
