“Purchase of Petrol from Dangote’s Refinery Shows Tinubu’s Vision Working” – Presidency

In a landmark development for Nigeria’s energy sector, the Dangote Refinery has commenced the supply of Premium Motor Spirit (PMS) to the Nigerian National Petroleum Corporation Limited (NNPCL). The transaction, conducted in Naira, marks a significant step towards energy self-sufficiency and reducing Nigeria’s reliance on imported refined petroleum products.

The Presidency has hailed this milestone as a testament to President Bola Ahmed Tinubu’s vision of transforming Nigeria’s energy landscape. The move is part of a broader strategy to ease pressure on the Naira while boosting the availability of petroleum products in the domestic market.

Speaking at the refinery, Wale Edun, Minister of Finance and Coordinating Minister of the Economy, praised President Tinubu’s leadership, noting that the President’s vision emphasizes that no raw materials should leave Nigeria without adding value. The minister further commended Aliko Dangote and the Dangote Group for their pivotal role in realizing this vision by establishing the refinery, which is set to revolutionize the country’s oil sector.

Edun was joined by Zacch Adedeji, Chairman of the Federal Inland Revenue Service, and other members of the technical sub-committee tasked with overseeing crude sales to local refineries in Naira. The delegation toured the refinery’s state-of-the-art facilities, highlighting its capacity to add local value and reduce the country’s dependence on imported fuel.

The visit also included the historic loading of the first batch of PMS for domestic supply to NNPCL. While this initial supply marks a critical achievement, the official sale of crude oil to domestic refiners in Naira is set to begin on October 1, 2024. At that point, NNPCL will supply approximately 385,000 barrels of crude oil per day to the Dangote Refinery, all transacted in Naira.

This initiative, approved by the Federal Executive Council (FEC) under President Tinubu’s leadership, is expected to significantly impact Nigeria’s economy by fostering local refining, reducing fuel import costs, and opening opportunities for legal fuel exports to neighbouring countries, which could boost foreign exchange earnings.

“The Dangote Refinery represents a beacon of hope for Nigeria’s future energy prosperity,” Edun remarked, urging other domestic refiners to join this national effort.