- Afreximbank, Others To Facilitate Trade Between Dangote, NNPCL
By Adewale Ilesanmi
Amidst biting fuel scarcity and depot challenges, Nigerian President, Bola Ahmed Tinubu has directed the state oil company, Nigerian National Petroleum Company (NNPC) Limited to sell crude to Dangote Refinery and other local refineries in the country in Naira.
This development was made know by the Special Adviser to the President on Information and Publicity, Bayo Onanuga, in a post via his official X handle on Monday.
Onanuga announced that the Federal Executive Council has adopted a measure to stabilize the pump price of refined fuel and the dollar-Naira exchange rate.
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He added that the FEC has approved offering 450,000 barrels of domestic consumption in Naira to Nigerian refineries, with the Dangote refinery being used as a pilot for this initiative.
“The exchange rate will be fixed for the duration of this transaction.
Afreximbank and other settlement banks in Nigeria will facilitate the trade between Dangote and NNPC Limited.
The game-changing intervention will eliminate the need for international letters of credit, further saving the country of dollar payments.” the statement in part.
Earlier, the Federal Inland Revenue Service (FIRS) boss Zack Adedeji had made same announcement after the FEC meeting chaired by President Tinubu in Abuja on Monday.
He disclosed that the measure would reduce the strain on the country’s foreign spendings and stabilise the pump price of petrol, diesel and other products in Nigeria.
Adedeji said FEC ordered that NNPCL immediately begin the full implementation of the directive to boost local production of refined petroleum products in Nigeria.
The revenue boss also said the Tinubu administration ordered that the sale of refined products from Dangote Refinery to oil marketers and distributors be denominated in naira.
