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Naira-for-crude: Three refineries plan PMS production, Dangote awaits NNPC supply

The three refineries include the 11,000 barrels per day capacity Aradel refinery in Rivers State; 20,000-capacity Clairgold refinery in Delta State; and 12,000-capacity Azikel in Bayelsa.

This came as officials at the $20bn Dangote refinery in Lagos and operators of other domestic refineries confirmed on Sunday that though the deal for crude supply in naira has commenced, the commodity is expected to hit the biggest refinery in Africa this week.

On Saturday the Federal Government said it had commenced the sales of crude oil and other refined products in naira.

The Federal Ministry of Finance disclosed this in a post on its X handle.

The statement read, “The Minister of Finance and Coordinating Minister of the Economy announced that, in line with the Federal Executive Council directive, the sale of crude oil and refined petroleum products in naira has officially commenced as of October 1, 2024.

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