The Chief Executive Officer of Dangote Petroleum Refinery, David Bird, has said the refinery is currently receiving only about five crude oil cargoes each month, far below what it needs to operate at its expected supply level.
Speaking during an interview on ARISE News, Bird explained that the refinery was built to receive between 13 and 15 cargoes monthly in order to meet Nigeria’s domestic fuel needs. According to him, the current supply level falls short of the volume earlier agreed under the supply arrangement.
He said the shortfall means Nigeria is losing money that could have stayed within the country. According to Bird, the difference between the crude purchase price and the premium now being paid is value that is ending up in the hands of international traders instead of benefiting Nigeria.
Bird also spoke on the crude for naira policy, saying the arrangement is meant to support Nigeria’s foreign exchange stability and should not be seen as a policy created mainly for the refinery’s benefit. He said processing local crude in naira is in the country’s broader economic interest.
Despite the supply challenge, Bird said the refinery is still operating at full capacity and continues to supply products to both the Nigerian market and other countries in the region.
Meanwhile, the Group Chief Executive Officer of NNPC Limited, Bashir Bayo Ojulari, recently visited the Dangote Refinery and Petrochemical Complex in Ibeju-Lekki, Lagos, as part of efforts to deepen cooperation between both organisations.
The visit included a tour of the facility and discussions on possible areas of partnership in operations and commercial activities.
Ojulari praised Aliko Dangote for delivering the refinery, describing it as a major project that strengthens Nigeria’s position as an important downstream oil hub in Africa. He also pointed to future opportunities for both companies in upstream operations, trading, shipping, and gas supply.
He further thanked President Bola Ahmed Tinubu for reforms in the oil and gas sector, saying the changes have improved policy clarity and created a more attractive environment for investment and partnership.
Dangote also said Nigerians stand to benefit from stronger collaboration with NNPC Limited, adding that the partnership could create economies of scale and unlock more value across the market.
Ukpono Nsima
Read More