The Federal Government’s naira-for-crude policy remains uncertain as key stakeholders plan to reconvene. The six-month agreement between the government, NNPC, and Dangote Petroleum Refinery ended on March 31, 2025, without renewal, prompting Dangote to halt naira-based fuel sales.
S&P Global reported that Dangote processed 400,000 barrels of crude daily in 2025, with 35% sourced internationally. The refinery recently secured crude shipments from Brazil and Equatorial Guinea due to supply volatility.
The naira-for-crude deal, launched in October 2024, aimed to cut fuel import costs and stabilize prices. NNPC supplied 84 million barrels since Dangote’s 2023 launch but struggled to meet commitments, reducing its stake from 20% to 7.2% in 2024.
A Dangote executive cited forex risks as a key concern, while NNPC allocated 245,000 barrels per day for April, with payment terms unresolved. The Human Rights Writers Association (HURIWA) urged President Tinubu to renew the deal, warning of fuel price hikes and economic hardship if discontinued.
Discussions continue, with Nigerians awaiting the government’s decision, which will impact fuel affordability and economic stability.
