Tag
LOCAL REFINERIES
The Nigeria National Petroleum Company Limited (NNPCL) has clarified the end of the Naira-for-Crude arrangement with local refineries, disclosing that it supplied the Dangote refinery with 84 million barrels of crude oil since it began operation.
A group known as Concerned Nigerians has alleged that there is a plot to disrupt crude oil supply to local refineries in Nigeria.
The Federal Government's Naira-to-crude initiative, aimed at bolstering domestic refining capacity has been marred by inconsistent execution, causing local refineries to struggle for crude supplies to maintain operations, and raising concerns about Nigeria’s energy self-sufficiency.
The federal government, through the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), has reached an agreement with producers to permit the sale of crude oil to domestic refiners at market prices.
The Nigerian Economic Summit Group (NESG) has stated that unless certain conditions are met, Nigeria may not reap the benefits of local crude oil refining which include economic growth, job creation and reduced dependency on imports etc.