Naira-for-Crude Deal Delayed as Officials Keep Mum

Despite assurances from government officials, the naira-for-crude oil agreement between the Nigerian National Petroleum Company Limited (NNPC) and Dangote Petroleum Refinery has yet to be implemented as of October 3, 2024.

The deal was slated to commence on October 1, but sources indicate that no supply has been initiated.

Officials from the Dangote refinery, NNPC, and relevant regulatory bodies did not provide updates when contacted.

The Technical Sub-Committee on Domestic Sales of Crude Oil had previously confirmed that approximately 385,000 barrels per day would be supplied to Dangote’s refinery, to be paid for in naira.

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Despite the earlier confirmations, insiders from multiple domestic refineries reported a lack of communication regarding the deal’s status.

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“We are still awaiting the Federal Government’s direction on the supply,” noted a senior official from a domestic refinery, emphasizing that clear agreements had yet to be communicated.

The naira-for-crude initiative aims to alleviate pressure on the naira and streamline transactions within the oil sector.