The President of the Dangote Group, Aliko Dangote, says his 650,000-barrel capacity refinery is “increasingly” relying on the United States for crude oil.
This came as findings showed that the Dangote Petroleum Refinery is projected to import a total of 17.65 million barrels of crude oil between April and July 2025, beginning with about 3.65 million barrels already delivered in the past two months, amid ongoing allocations under the Federal Government’s naira-for-crude policy.
Dangote informed the Technical Committee of the One-Stop Shop for the sale of crude and refined products in naira initiative that the refinery was still battling crude shortages, which had led it to resort to imports from the United States.
In a statement from the firm on Thursday, Dangote stated this when the Coordinator of the OSS Technical Committee, Mrs Maureen Ogbonna, led a delegation to the refinery, which she described as a breath of fresh air, impacting virtually every sector of the economy.
According to the statement, Dangote applauded the technical committee for its role in supporting the implementation of President Bola Tinubu’s laudable naira-for-crude initiative.
He commended the positive impact of the naira-for-crude swap deal on the Nigerian economy, noting that it has led to a reduction in petroleum product prices, eased pressure on the dollar, and ensured the stability of the local currency, among others.
“However, he noted that due to a shortage of domestic crude oil, the refinery has increasingly relied on imports from the United States to meet its needs in recent months,” the statement read partly.