The minister commended Aliko Dangote and the Dangote Group for turning this vision into reality through the establishment of the refinery.
In a groundbreaking move poised to revolutionize Nigeria's energy landscape, the Dangote Refinery has today commenced supply of Premium Motor Spirit (PMS) to the Nigerian National Petroleum Corporation Limited (NNPCL) in a historic transaction settled in Naira.
This bold initiative, championed by President Bola Ahmed Tinubu's Administration, marks a significant milestone in Nigeria's quest for energy self-sufficiency and reduced reliance on imported refined products. It also represents a key milestone in the federal government's commitment to reducing pressure on the Naira and enhancing the availability of petroleum products in the domestic market.
Speaking today at the Dangote Refinery, the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, praised President Bola Ahmed Tinubu's visionary leadership in advancing Nigeria's energy sector. He emphasized that this initiative aligns with the President's vision that no raw materials should leave Nigeria's shores without adding value.
The Minister also commended Aliko Dangote and the Dangote Group for turning this vision into reality through the establishment of the refinery, noting its role in transforming Nigeria's oil sector while also acknowledging the work of the technical sub-committee responsible for the implementation of crude sales to local refineries in Naira, chaired by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.
While in Lagos, the Minister, accompanied by the Chairman of the Federal Inland Revenue Service, Zacch Adedeji, and other members of the Technical Subcommittee, undertook an extensive tour of the refinery's state-of-the-art facilities. The tour highlighted the refinery's capacity to add value locally and reduce reliance on imported refined products. HM Edun praised the refinery's technological advancements and potential to efficiently meet Nigeria's domestic fuel demands.
The Minister also witnessed NNPCL loading the first batch of PMS from the Dangote Refinery, marking a significant milestone in the domestic supply of refined petroleum products. This event symbolizes the first supply of PMS to NNPCL, although the official sale of crude oil for Naira transactions 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.
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"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.
HM Edun called on other domestic refiners to join this endeavour, not only to meet the country's needs but also to facilitate legal exports to neighbouring countries, thereby enhancing foreign exchange revenue and supporting the nation's economic well-being.
With the commencement of PMS supply in Naira, Nigeria has taken a giant leap towards achieving its energy goals. As the country continues to make strides in domestic refining and energy production, the benefits of this initiative will resonate across the economy, from improved foreign exchange earnings to enhanced economic growth.
The successful partnership between the federal government and the private sector, exemplified by the Dangote Refinery, serves as a beacon of hope for Nigeria's future energy prosperity.
SignedMohammed MangaDirector, Information and Public RelationsSeptember 15, 2024
