The Nigerian National Petroleum Company Limited (NNPCL) has dismissed reports alleging that it has ended its Naira-for-Crude agreement with Dangote Refinery, clarifying that discussions are ongoing for a contract renewal.
In a statement issued on Monday, NNPCL’s Chief Corporate Communications Officer, Olufemi Soneye, reaffirmed the company’s commitment to supplying crude oil to the 650,000-barrels-per-day refinery, adding that 84 million barrels have been provided since its operations began in 2023.
“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 establishing a new contract,” the statement read.
The agreement, which was first initiated in October 2024, has so far facilitated the supply of 48 million barrels of crude oil to the refinery for local refining.
NNPCL emphasized that it remains committed to ensuring a steady supply of crude for local refining on mutually agreed terms, in line with Nigeria’s energy security goals.
The clarification follows widespread speculation on social media regarding a supposed unilateral termination of the contract, which the national oil company has now debunked.
Dangote Refinery, one of Africa’s largest private refineries, is a critical component of Nigeria’s efforts to reduce dependence on fuel imports and strengthen domestic refining capacity.
