From Victor Osula, Abuja
The Nigerian National Petroleum Company (NNPC) Limited has refuted claims that it has suspended the naira-for-crude oil swap agreement with Dangote Refinery.
The initiative, introduced on October 1, 2024, was designed to allow local refiners to purchase crude oil in naira instead of dollars.
The arrangement aimed to bolster domestic refining capacity, reduce dependence on imported petroleum products, and ease pressure on Nigeria’s foreign exchange reserves.
NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, on Monday clarified that the agreement was structured as a six-month contract, subject to availability, and is set to expire at the end of March 2025.
The statement read, “NNPC Limited has noted recent reports circulating on social media regarding the alleged unilateral termination of the crude oil sales agreement in naira between NNPC and Dangote Refinery.
“To clarify, the contract for the sale of crude oil in naira was structured as a six-month agreement, subject to availability, and expires at the end of March 2025. Discussions are currently ongoing towards emplacing a new contract.”
Soneye further disclosed that under the existing arrangement, NNPC has supplied over 48 million barrels of crude oil to Dangote Refinery since October 2024, with a total of 84 million barrels delivered since the facility began operations in 2023.
Reiterating its commitment to domestic refining, the state oil firm assured that crude supply to local refiners would continue based on mutually agreed terms and conditions.
