Aliko Dangote, President of Dangote Group, has attributed the refinery’s growing dependence on crude oil imports from the United States to a decline in domestic crude supply. He made this statement during a visit from the Coordinator of the One-Stop-Shop for Naira-for-Crude and her team to the $20 billion Dangote Refinery on Thursday.
Dangote praised the Naira-for-Crude initiative for its positive impact on stabilizing petroleum prices since its launch. He noted that the program has contributed to lower petroleum product prices, alleviated pressure on the dollar, and helped maintain the stability of the local currency.
However, he expressed concern over the ongoing shortage of domestic crude oil, stating, “Due to this shortage, the refinery has increasingly relied on imports from the United States.”
Ogbonna, the Coordinator of the OSS Technical Committee, praised the $20 billion facility as a hallmark of the industrial revolution that is propelling Nigeria’s economic liberation. “This refinery impacts all of us; nearly every sector is affected,” she remarked.
However, the company continues to face challenges with the availability of domestic crude, hindering its ability to increase production. According to Bloomberg, this year, West Texas Intermediate crude futures have made up one-third of Dangote Refinery’s purchases. The latest trade data from the National Bureau of Statistics revealed that crude oil imports ranked as the third most imported commodity, totaling N1.19 trillion in the first quarter of 2025 alone.
