The Nigerian National Petroleum Company (NNPC) Limited has signed a two-year crude supply deal with the Dangote Petroleum Refinery, boosting hopes for a stable fuel supply and currency relief.
NNPCL will deliver five cargoes of crude in September and another five in October, its spokesman Andy Odeh confirmed in a message to Bloomberg. Further supply levels were not disclosed.
The deal lifts crude deliveries to the 650,000-barrel-per-day Dangote refinery to about 82 million barrels since October 2024, with 60% of those transactions settled in naira, NNPCL said.
Nigeria agreed last year to sell 445,000 barrels a day to Dangote in local currency to ease pressure on the naira and stabilise pump prices.
“This is not competition; it is partnership,” Africa’s richest man, Aliko Dangote, said in Abuja during a recent meeting with NNPCL chief Bashir Bayo Ojulari. “NNPCL is part and parcel of our business, and we are part of NNPCL. This is an era of cooperation.”
The Dangote Refinery, the world’s largest single-train plant, resumed nationwide sales of petrol in naira on Saturday, following an intervention by the Naira-for-Crude Technical Committee.
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