The Nigerian National Petroleum Company (NNPC) Limited has announced that it will cease importing petroleum products, opting instead to support local refineries, including the Dangote Refinery. This shift was disclosed by NNPC’s Group Chief Executive Officer, Mele Kyari, during the Nigerian Association of Petroleum Explorationists’ conference held in Lagos.
Kyari also dismissed claims that NNPC was undermining the Dangote Refinery by not selling crude oil in naira. He clarified that the currency used—whether naira or dollars—does not impact NNPC’s operations.
This development follows President Bola Tinubu’s recent remarks, in which he highlighted that Nigeria spends approximately N2 trillion monthly on fuel imports. Tinubu suggested that transitioning to compressed natural gas (CNG) could significantly reduce these costs, thereby freeing funds for essential investments.
Despite being an oil-producing country, Nigeria has long depended on fuel imports due to its limited refining capacity. Kyari emphasized that sourcing fuel locally will lessen Nigeria’s dependence on foreign currency and help control inflation driven by fuel imports.
He also highlighted the broader energy challenges in Nigeria, where over 50 percent of the population lacks access to electricity, and 70 percent lacks clean fuel. Kyari noted NNPC’s commitment to ensuring domestic energy supply and mentioned that the company recently resolved a $2.4 billion debt owed to international oil companies.