NLC Urges FG to Sell Crude to Dangote Refinery in Naira, End Foreign Oil Dependence

The Nigerian Labour Congress (NLC) has called on the Federal Government to stop the importation of crude oil for the Dangote Petroleum Refinery and ensure the facility gets its feedstock in naira. Speaking during a tour of the refinery and the Dangote Fertiliser Limited, Lagos State NLC Chairperson, Funmi Sessi, commended the scale and strategic importance of Dangote Group’s investments, saying they deliver tangible benefits to Nigerians. She stressed that local crude sales in naira would lower operational costs and help sustain reduced fuel prices.

Currently, about 60 per cent of the refinery’s crude feedstock is sourced from the United States, according to The PUNCH. In July alone, Dangote Group President, Aliko Dangote, confirmed that the facility imported 10 million barrels of crude oil. The NLC argued that Nigeria’s abundant crude resources make it unnecessary for the refinery to depend heavily on foreign supply or purchase locally in dollars.

“This country has crude oil in abundance. So why is Dangote still being made to import crude or pay for it in hard currency?” Sessi queried. She maintained that prioritising crude sales in naira to the refinery would strengthen local refining, ease inflationary pressures, and stabilise the energy market.

The union credited the refinery with easing the fuel crisis triggered by the removal of petrol subsidies, noting that its entry into the market brought down prices of Premium Motor Spirit (PMS) and other refined products. With a daily refining capacity of 650,000 barrels, the Dangote facility is positioned to meet Nigeria’s domestic demand and supply the West African sub-region.

Praising the refinery’s Euro 5-compliant fuel production, the NLC said the facility aligns with global environmental standards and enhances Nigeria’s international reputation in petroleum exports. “This is the kind of pride we want to see, a Nigerian company producing at global standards,” Sessi stated, urging the Federal Government to fully support the refinery’s operations and maximise its capacity for economic growth.

Source: Punch