Abuja, April 6, 2026 – Na serious matter o! Despite di Naira-for-Crude arrangement wey Federal Government set up to help local refineries get enough crude, Dangote Refinery don conclude plans to import 13.62 million barrels of crude oil for May 2026.
Dangote Refinery Crude Import: Wetin Dey Really Happen?
Dis big import wey worth N2.097 trillion na about 72% of di 19 million barrels wey di refinery need for di whole month. As e be, Federal Government go only supply 6.15 million barrels. Therefore, di massive 650,000 barrels-per-day refinery no get choice but to import di remaining shortfall.
At di current international price of $110 per barrel, di 13.62 million barrels go cost $1.498 billion, wey go turn to about N2.097 trillion at exchange rate of N1,380.79 to $1. Furthermore, dis heavy Dangote Refinery crude import dey cause plenty concern for di industry.
Fuel Price Hike Looms – Experts Dey Sound Alarm
In addition, industry experts don raise serious alarm say dis kind heavy reliance on imported crude fit make petrol price for Nigeria stay very high. Dr. Billy Gillis-Harry, National President of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), talk say:
“Speculation and price hikes go become normal thing. Once prices begin to climb and trend upward, transport cost go rise sharply, triggering serious inflation for food prices and other essential commodities.”
Dangote Fit Prioritise Exports to Survive
Moreover, Mazi Colman Obasi, National President of Oil and Gas Service Providers Association of Nigeria (OGSPAN), explain say: “Dangote Refinery no build to depend only on Nigerian crude. If dem must import, dem go need to export refined products to remain commercially viable. Although export fit bring foreign exchange, e fit no significantly improve di living conditions of ordinary Nigerians.”
Why Nigeria Still Dey Import Crude Despite Oil Producer Status?
Meanwhile, Jeremiah Olatide, CEO of Petroleumprice.ng, describe di situation as paradoxical. He say: “Nigeria na major crude oil producer, yet im largest refinery still dey import crude.” He therefore advise government to boost domestic supply, improve upstream production and security, and strengthen di Naira-for-Crude framework.
Another expert wey prefer anonymity add say importing crude wey dem price in dollars go increase feedstock costs, reduce refining margins, put more pressure on foreign exchange, and expose di country to global risks.
Federal Government Don Promise Again
However, Federal Government don once more pledge to increase crude supply to domestic refineries. Nevertheless, similar promises in di past were not fully met because of limited crude availability. For first half of 2025, NUPRC miss di target of 770,500 barrels per day.
Presidency Defend Naira-for-Crude Initiative
Despite all dis, Temitope Ajayi, Senior Special Assistant to di President on Media and Publicity, maintain say di Naira-for-Crude initiative wey launch on October 1, 2024, don help shield Nigeria from global energy disruptions. He note say Dangote Refinery don ensure product availability, eliminate fuel queues, and even reduce petrol price by N75 per litre recently.
TheStreetNewspaper go dey monitor dis Dangote Refinery crude import situation closely as Nigerians dey wait to see how e go affect petrol price and general cost of living in di coming weeks.
