In a recent meeting with the Implementation Committee held in Abuja, Minister of Finance and Coordinating Minister of the Economy, Olawale Edun, announced that Nigeria will start selling crude oil to all local refineries, including Dangote Refinery, on October 1, 2024. This step is meant to stabilize two major areas: namely, the pump price of refined fuel and the dollar-naira exchange rate.
Earlier, the Federal Executive Council had approved President Tinubu’s proposal for NNPC to stop selling crude oil to local refineries in foreign currency.
The Minister emphasized the importance of transparency and directed the Technical Sub-Committee to complete the details and submit them to him for onward submission to the President, assuring that all directives from September would be implemented.
According to existing contracts, Dangote Refinery is expected to receive its first PMS shipment next month, with significant output increases anticipated by November 2024.
This development marks a crucial milestone in promoting local refining capacities and reducing dependence on foreign currency for crude oil sales.