In a historic move set to transform Nigeria’s energy landscape, the Dangote Refinery has commenced supplying Premium Motor Spirit (PMS) to the Nigerian National Petroleum Corporation Limited (NNPCL).
Director of Information and Public Relations in the ministry of finance, Mohammed Manga in a statement indicated that the development, driven by President Bola Ahmed Tinubu’s administration, marks a critical step in reducing the country’s reliance on imported refined petroleum products and stabilizing the Naira.
Continuing, the statement said that the commencement of local PMS supply is part of a broader initiative by the federal government to boost energy self-sufficiency and enhance the availability of petroleum products in the domestic market.
The statement quoted the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, why speaking at the Dangote refinery to have praised President Tinubu’s vision, highlighting the administration’s commitment to ensuring that raw materials are processed locally to add value before export.
“This moment is a testament to President Tinubu’s foresight in driving Nigeria towards energy self-sufficiency,” Mr. Edun stated.
He lauded Alhaji Aliko Dangote and the Dangote Group for realizing the vision, acknowledging the refinery’s potential to reshape the country’s oil sector.
During the visit, Mr. Edun, along with the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji, and members of the technical sub-committee overseeing crude oil sales to local refineries, toured the refinery’s advanced facilities.
They witnessed the loading of the first batch of PMS by NNPCL, signaling a significant shift towards domestic fuel supply.
Explaining further the statement said the development in tanderm with the Federal Executive Council, under President Tinubu’s leadership, who approved a plan to supply 385,000 barrels per day of crude oil to domestic refineries, including the Dangote Refinery, with payments made in Naira.
“The official crude-for-Naira transactions are scheduled to commence on October 1st, marking a new era in the Nigerian oil industry.”
Mr. Edun called on other domestic refiners to participate in the effort, emphasizing its potential to boost legal petroleum exports to neighboring countries and generate foreign exchange revenue.
The statement explained further that the initiative not only targeted to meet the nation’s fuel demands but also support economic growth by reducing the strain on foreign currency reserves.
“The partnership between the federal government and the private sector, exemplified by the Dangote Refinery, signals Nigeria’s determination to secure its energy future.
“As local refining and energy production increase, the country is expected to see improvements in foreign exchange earnings and overall economic stability, reinforcing the government’s commitment to a self-sustained economy.
“This milestone demonstrates what can be achieved through visionary leadership and strong collaboration between the public and private sectors,” Minister Edun remarked.