The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, hailed the commencement of operations at the Dangote Refinery as a bold initiative and a key milestone in the federal government’s efforts to ease pressure on the Naira and boost the availability of petroleum products in the local market.
Speaking at the Dangote Refinery on Sunday, Mr. Edun emphasized that the commencement of Premium Motor Spirit (PMS) supply to the Nigerian National Petroleum Corporation Limited (NNPCL) from the refinery signals a major leap forward in the country’s journey towards energy self-sufficiency.
He credited President Bola Tinubu’s visionary leadership in spearheading reforms in Nigeria’s energy sector, noting that this development aligns with the President’s mandate that no raw materials should leave Nigeria’s borders without being processed locally.
Mr. Edun also praised Aliko Dangote and the Dangote Group for actualizing this vision by establishing the refinery, which he said would revolutionize Nigeria’s oil industry.
Furthermore, the minister acknowledged the efforts of the technical sub-committee on the implementation of crude sales to local refineries in Naira, led by Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service.
During his tour of the refinery’s cutting-edge facilities, Mr. Edun highlighted the refinery’s capacity to add value locally and reduce Nigeria’s dependence on imported refined products. He commended the technological advancements employed and underscored the refinery’s potential to meet the nation’s fuel demands efficiently.
The minister also witnessed the loading of the first batch of PMS by the NNPCL from the Dangote Refinery, marking a significant milestone in domestic petroleum supply. While this event represents the initial supply of PMS to NNPCL, the official sale of crude oil in Naira is scheduled to commence on October 1st.
“The Federal Executive Council (FEC), under President Tinubu’s leadership, has approved the supply of crude oil to domestic refineries, including the Dangote Refinery, with payments made in Naira. From the 1st of October, NNPCL will commence the supply of approximately 385,000 barrels per day of crude oil to the Dangote Refinery, which will be paid for in Naira,” the Minister announced.
Mr. Edun urged other domestic refiners to participate in this initiative, emphasizing its potential not only to fulfill the nation’s demands but also to enable legal exports to neighboring countries.
This, in turn, he said, would boost foreign exchange earnings and contribute to the overall health of the country’s economy
