The Nigerian National Petroleum Company Limited (NNPC) has revealed that crude oil supplied to the Dangote Petroleum Refinery represented about 32 percent of its total crude sales for July, amounting to roughly ₦11 billion.
Figures presented at last month’s Federation Account Allocation Committee (FAAC) meeting showed that overall crude sales in July stood at 340,000 barrels, generating $22.51 million or ₦34.64 billion at prevailing exchange rates.
According to the breakdown, NNPC Trading exported 240,000 barrels of Antan blend crude, earning about $15.29 million (₦23.44 billion), while an additional 100,000 barrels of Okwuibome crude were lifted domestically. The latter transaction, valued at $7.21 million (₦11.20 billion), was purchased by Dangote Refinery, making it the single largest domestic buyer for the month.
The deal marks the first reported sale of crude to the 650,000-bpd Lagos-based refinery since the renewal of Nigeria’s naira-for-crude policy in April 2025. The arrangement requires local refiners to pay for crude in naira, using exchange rates advised by the African Export-Import Bank (Afreximbank), in a bid to conserve foreign exchange and stabilise local fuel prices.
Data obtained by PUNCH shows that in the first quarter of 2025 alone, Dangote Refinery bought over ₦107 billion worth of crude under this scheme, bringing its total purchases through July to nearly ₦119 billion.
The Federal Government first introduced the naira-for-crude policy in October 2024 to guarantee domestic supply and reduce reliance on imported petroleum products. Although Dangote Refinery briefly halted sales of its refined products in naira earlier this year due to currency mismatches, the Federal Executive Council has since reaffirmed the policy as a long-term measure to strengthen local refining capacity.
The July sales highlight the growing role of Dangote Refinery as a cornerstone of Nigeria’s energy security strategy, with its purchases now accounting for a significant share of NNPC’s domestic crude allocation.
