The Dangote Refinery is set to commence payments for crude oil in Naira from October 1, 2024. This decision was announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a meeting of the Implementation Committee overseeing the transition to Naira sales for crude oil.
The meeting focused on assessing progress made towards this goal, with Dr. Zacch Adedeji, Chairman of the Technical Sub-Committee, reporting that the first delivery of Premium Motor Spirit (PMS) from the Dangote Refinery is expected next month.
To ensure a seamless transition, key roles were assigned to various stakeholders including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the African Export-Import Bank (AFREXIM).
With significant production increases anticipated from the Port Harcourt and Dangote Refineries starting November 2024, Minister Edun emphasized the need for transparency in the process. He directed the Technical Sub-Committee to finalize details and prepare a comprehensive report for the President, confirming that the necessary steps are being taken to achieve the October 1 deadline
