NNPC Negotiates New Naira-For-Crude Contract With Dangote Refinery

The Nigerian National Petroleum Company Limited (NNPC Ltd), on Monday, March 10, 2025, said that it had ongoing discussions with Dangote Refinery towards emplacing a new crude oil supply contract denominated in naira.

This was disclosed in a statement by Mr Olufemi Soneye, Chief Corporate Communications Officer of the NNPC Ltd, who explained that the contract for the sale of crude oil in Naira was structured as a six-month agreement, subject to availability, adding that the extant contract would expire at the end of March 2025.

Soneye, who was responding to recent reports in both the social and mainstream media regarding an alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery, said that discussions are (currently) ongoing towards emplacing a new contract.

He also explained that under the arrangement, the NNPC had made over 48 million barrels of crude oil available to Dangote Refinery since October 2024.

Soney said; “In aggregate, NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.

“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions,” he said.