After years of heavy importation of petroleum products, the Nigerian National Petroleum Company Limited, NNPC, announced on Monday that it has finally put an end to the long-standing practice.
This comes after the Independent Petroleum Marketers Association of Nigeria, IPMAN, had earlier announced its plans to purchase products directly from the $20 billion Dangote facility. Mele Kyari, the Group Chief Executive Officer of NNPC , made this announcement in Lagos during his keynote address at the 42nd annual international conference and exhibition of the Nigerian Association of Petroleum Explorationists, NAPE.
And today, NNPC does not import any product. We are taking wholly from the domestic refinery.” He mentioned that the company is collaborating with the federal government to address pricing issues, which arise from sourcing all feedstock supplies from the domestic market. Kyari further stressed the implications of the pressure on Nigerian oil producers to supply crude to local refineries and in naira. He noted that Nigerian crude is a premium type that commands a premium price.
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