Naira crude contract with Dangote refinery to expire March ending — NNPCL
The Nigerian National Petroleum Company Limited, NNPC Ltd., says its contract with Dangote Refinery for the sale of crude oil in Naira was structured as a six-month agreement.
The Chief Corporate Communications Officer, NNPC Ltd., Olufemi Soneye, on Monday in a statement said this was subject to availability, and expires at ending of March 2025.
He said discussions were ongoing towards emplacing a new contract.
The spokesperson explained that the clarification became necessary because of the recent reports on social media regarding the alleged unilateral termination of the crude oil sales agreement in Naira between NNPC and Dangote Refinery.
“Under this arrangement, NNPC has made over 48 million barrels of crude oil available to Dangote Refinery since October 2024.
“In aggregate, the NNPC has made over 84 million barrels of crude oil available to the Refinery since its commencement of operations in 2023.
“NNPC Limited remains committed to supplying crude oil for local refining based on mutually agreed terms and conditions,” he said.
NAN
Nigerian govt unveils new economic plan
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government has unveiled a comprehensive economic plan for sustainable development.
Mr Edun disclosed this in a statement issued by the Ministry’s Director of Information and Public Relations, Mohammed Manga, on Tuesday in Abuja.
The minister, who unveiled the plan at the 2025 KPMG Arise TV Budget News Day, also outlined Nigeria’s fiscal priorities and economic direction for the coming year.
Mr Edun said that government was commitment to fiscal discipline, revenue mobilisation, and an improved investment climate.
According to him, the government has projected GDP growth of 4.6 per cent for 2025, with a long-term ambition of seven per cent annually, a crucial target for poverty reduction and sustainable development.
The minister said that the macroeconomic stability remained priority, with exchange rate stability, trade surplus, and increased oil production positioning the country as a stronger global player.
Mr Edun said that the foreign reserves had exceeded 40 billion dollars signalling confidence in economic policies and financial management.
He emphasised the crucial role of the private sector in driving economic growth, highlighting Public-Private Partnerships (PPPs) as a key mechanism to bridge Nigeria’s 100 billion dollars annual infrastructure investment gap.
According to him, landmark projects, including the Benin-Asaba Highway and the Lagos-Abeokuta Road, are to be developed under PPP frameworks, aim to reduce travel time and enhance productivity.
The minister said that in the oil and gas sector, domestic refining was important, with the Dangote Refinery now leading local crude petroleum processing.
He said that the shift would significantly reduce reliance on imports, strengthen energy security, and enhance economic resilience.
Edun also addressed fiscal policy reforms, the government’s drive to expand the tax base, streamline revenue collection, and create a business-friendly tax system.
He said that a balanced approach to taxation would encourage investment while ensuring adequate funding for national priorities.
The minister said that as the country moved forward, the government was dedicated to economic transformation, driven by policies that fostered growth, stability, and private sector participation.
Mr Edun said that building on strategic reforms, Nigeria was poised to unlock new opportunities for prosperity, accelerate national development, and secure a brighter future for generations to come.
NAN
