Nigeria has taken a significant step toward energy independence with the approval of Premium Motor Spirit (PMS) supply from the Dangote Refinery to the Nigerian National Petroleum Corporation Limited (NNPCL), with payments to be made in Naira.…..For More READ THE FULL ARTICLE HERE ▶▶
Thank you for reading this post, don't forget to subscribe!This initiative, backed by the Federal Executive Council under President Bola Tinubu, is expected to reduce the country’s reliance on imported petroleum products while boosting local refining capacity.
Finance Minister HM Wale Edun, during a visit to the Dangote Refinery on September 15, praised President Tinubu’s vision for Nigeria’s energy sector. He noted that the supply of crude oil to the refinery, set to commence on October 1, 2024, will enhance the availability of refined products and align with the government’s aim to add value to Nigeria’s resources.
The supply will involve about 385,000 barrels of crude oil per day, marking a critical milestone in local refining efforts. Minister Edun also commended the Dangote Group for its role in turning this vision into reality, highlighting the refinery’s advanced technology and capacity to meet Nigeria’s domestic fuel demands efficiently.
Edun further called on other domestic refineries to participate in this initiative, emphasizing the potential to meet local fuel needs and facilitate exports to neighboring countries. This could also help increase foreign exchange revenue and strengthen Nigeria’s economic position.
With this initiative, the government hopes to reduce pressure on the Naira and support broader economic well-being, ensuring more stability in the country’s energy sector while fostering local production and value addition.…..For More READ THE FULL ARTICLE HERE ▶▶
