NNPC Limited Addresses Reports on Naira Crude Contract with Dangote Refinery

NNPC Limited Addresses Reports on Naira Crude Contract with Dangote Refinery

Abuja, March 10, 2025 – The Nigerian National Petroleum Company (NNPC) Limited has debunked recent reports circulating on social media that suggest the unilateral termination of its crude oil sales agreement in Naira with Dangote Refinery.

In a statement released by NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, the company clarified that the crude supply agreement with Dangote Refinery was structured as a six-month contract, subject to availability. This agreement, which commenced in October 2024, remains in effect and is set to expire at the end of March 2025.

No Unilateral Termination, Negotiations Ongoing

NNPC Limited assured the public and stakeholders that discussions are currently underway to establish a new contract that will govern future crude oil supply to the refinery. This clarification comes amid speculations suggesting that NNPC had abruptly halted its supply arrangement with the refinery, a claim the company dismissed as misleading.

According to Soneye, since October 2024, NNPC has supplied over 48 million barrels of crude oil to Dangote Refinery under the Naira-based arrangement. In total, the national oil company has provided more than 84 million barrels to the refinery since it commenced operations in 2023.

Commitment to Local Refining and Economic Stability

Reaffirming its commitment to local refining, NNPC Limited emphasized that it remains dedicated to ensuring a steady supply of crude oil to domestic refineries under mutually agreed terms. The company underscored its strategic objective of supporting local refining capacity to reduce Nigeria’s reliance on imported petroleum products, enhance energy security, and stabilize the economy.

NNPC’s clarification aims to dispel concerns over the alleged termination of the contract, reassuring industry players and the general public that the national oil company continues to engage in constructive negotiations with Dangote Refinery.

As discussions progress, stakeholders will be keenly watching the outcome of the new agreement, which could shape Nigeria’s refining landscape and fuel supply dynamics in the coming months.

For further updates, NNPC Limited urges the public to rely on official statements rather than speculative reports circulating on social media.