Nigeria’s oil regulator, NUPRC, is stepping in to ensure international oil companies (IOCs) supply crude oil to the newly built Dangote refinery. This intervention follows complaints by Dangote Group Chairman Aliko Dangote that the IOCs prioritize exporting crude for foreign exchange over selling domestically.
The NUPRC spokesperson, Olaide Shonola, emphasized that the commission will “mandate” the IOCs to sell crude to the Dangote refinery. While not explicitly mentioning sanctions, Shonola stressed that clear directives will be issued, highlighting NUPRC’s regulatory authority.
This move reflects a broader government objective to reduce reliance on crude exports and promote domestic refining. Dangote argues that selling raw materials hinders Africa’s economic growth and emphasizes the refinery’s potential to transform 21 million barrels of crude oil monthly into finished products within Nigeria. This could significantly reduce Africa’s dependence on imported refined goods.
Source: PUNCH